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

3. Accrual Accounting Concepts

Introduction to Adjusting Journal Entries and Prepaid Expenses

Financial Accounting

3. Accrual Accounting Concepts

Introduction to Adjusting Journal Entries and Prepaid Expenses

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Multiple Choice

When using data analytics to analyze revenue, what is typically the first task you would complete?

Create visualizations of revenue trends

Collect and clean the relevant revenue data

Calculate the company's net income

Prepare adjusting journal entries for unearned revenue

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Verified step by step guidance

Understand the problem: The question is asking about the first task typically performed when using data analytics to analyze revenue. This involves identifying the logical sequence of tasks in a data analysis process.

Step 1: Recognize that before any analysis or calculations can be performed, the data must be collected and cleaned. This ensures that the data is accurate, complete, and free of errors or inconsistencies.

Step 2: Cleaning the data involves removing duplicates, handling missing values, and ensuring consistency in data formats. This step is crucial for reliable analysis.

Step 3: After the data is cleaned, subsequent tasks such as creating visualizations, calculating net income, or preparing journal entries can be performed. However, these steps rely on having clean and accurate data.

Step 4: Conclude that the first task in the process is to collect and clean the relevant revenue data, as it forms the foundation for all further analysis and decision-making.