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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which expression can be used to convert \(100\) USD to Japanese Yen (JPY) if the exchange rate is \(1\) USD = \(X\) JPY?

100 \times X

X \div 100

100 \div X

100 + X

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Verified step by step guidance

Understand the concept of currency conversion: To convert an amount from one currency to another, you multiply the amount in the original currency by the exchange rate of the target currency. This is because the exchange rate represents how much of the target currency is equivalent to one unit of the original currency.

Identify the given values: In this problem, the amount in USD is 100, and the exchange rate is given as 1 USD = X JPY.

Set up the correct mathematical expression: Since 1 USD equals X JPY, to find the equivalent amount in JPY for 100 USD, you multiply the amount in USD (100) by the exchange rate (X).

Compare the options provided: The correct expression for converting 100 USD to JPY is 100 × X, as this follows the standard formula for currency conversion.

Eliminate incorrect options: The other options (X ÷ 100, 100 ÷ X, and 100 + X) do not align with the logic of currency conversion. For example, dividing or adding the exchange rate to the amount in USD does not yield the correct conversion.