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

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is an example of a financial plan?

Budget

Income Statement

Ledger

Trial Balance

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Verified step by step guidance

Understand the concept of a financial plan: A financial plan is a structured approach to managing finances, typically involving projections of income, expenses, and savings over a specific period. It helps individuals or organizations achieve financial goals.

Analyze the options provided: Budget, Income Statement, Ledger, and Trial Balance. Each term represents a different financial tool or document.

Define 'Budget': A budget is a financial plan that estimates income and expenses over a specific period, allowing for effective allocation of resources and financial decision-making.

Compare 'Budget' with other options: An Income Statement is a financial report showing revenues and expenses over a period, a Ledger is a record of financial transactions, and a Trial Balance is a summary of ledger balances used for accounting accuracy. None of these are considered a financial plan.

Conclude that 'Budget' is the correct answer because it directly aligns with the definition of a financial plan, focusing on future financial projections and planning.