Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

A bookkeeper's first task is to:

Close the temporary accounts to retained earnings.

Analyze each transaction to determine the accounts to be debited and credited.

Reconcile the bank statement with the cash account.

Prepare the financial statements for the period.

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Verified step by step guidance

Understand the role of a bookkeeper: A bookkeeper is responsible for recording financial transactions, maintaining accurate records, and ensuring the accounts are balanced.

Clarify the concept of temporary accounts: Temporary accounts include revenue, expense, and dividend accounts that are closed at the end of the accounting period to retained earnings in the equity section of the balance sheet.

Analyze the options provided: Evaluate each task mentioned in the problem to determine its relevance to the bookkeeper's primary responsibilities.

Focus on the correct sequence: The first task of a bookkeeper is to analyze each transaction to determine the accounts to be debited and credited. This ensures accurate recording of financial data.

Explain why other options are secondary: Closing temporary accounts, reconciling the bank statement, and preparing financial statements are important but follow after the initial analysis of transactions.