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

Which of the following best describes a list of all accounts with their account numbers in financial accounting?

Trial Balance

Chart of Accounts

Ledger

General Journal

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Verified step by step guidance

Understand the concept of a 'Chart of Accounts': It is a complete list of all accounts used by a company in its accounting system, along with their corresponding account numbers. Each account represents a category for recording transactions, such as assets, liabilities, equity, revenues, and expenses.

Differentiate the Chart of Accounts from other accounting terms: The Trial Balance is a report that lists the balances of all accounts at a specific point in time, used to check the accuracy of bookkeeping. The Ledger is a collection of individual accounts showing detailed transaction history and balances. The General Journal is a chronological record of all transactions before they are posted to the ledger.

Recognize the purpose of the Chart of Accounts: It serves as the foundation for organizing financial data and ensures consistency in recording transactions. Each account number in the chart helps categorize transactions systematically.

Relate the Chart of Accounts to financial accounting processes: It is used to set up the accounting system and is referenced when recording transactions in the General Journal and posting them to the Ledger.

Conclude that the Chart of Accounts is the correct answer: Based on the description provided, the Chart of Accounts is the list of all accounts with their account numbers, distinguishing it from the Trial Balance, Ledger, and General Journal.