Table of contents

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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

Which type of budget is continually revised as time passes to reflect actual results and updated forecasts?

Flexible budget

Static budget

Zero-based budget

Capital budget

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Understand the concept of each type of budget mentioned in the problem: Flexible budget, Static budget, Zero-based budget, and Capital budget.

A Flexible budget is designed to adjust and revise as time passes, reflecting actual results and updated forecasts. It is dynamic and adapts to changes in activity levels or other factors.

A Static budget is fixed and does not change regardless of actual results or changes in circumstances. It is set at the beginning of a period and remains constant.

A Zero-based budget requires all expenses to be justified from scratch for each new period, rather than basing the budget on previous periods. It is not continually revised during the period.

A Capital budget focuses on long-term investments and expenditures, such as purchasing equipment or funding projects. It is not designed to be continually revised during the period.