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 term refers to the act of reducing spending in order to save money?

Cost-cutting

Amortization

Depreciation

Accrual

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Verified step by step guidance

Understand the definitions of the terms provided in the options to identify the correct answer.

Cost-cutting refers to the act of reducing expenses or spending in order to save money. This is often done by businesses to improve profitability.

Amortization is the process of gradually paying off a debt or allocating the cost of an intangible asset over its useful life.

Depreciation is the systematic allocation of the cost of a tangible asset over its useful life, reflecting the wear and tear or obsolescence of the asset.

Accrual refers to the accounting method where revenues and expenses are recorded when they are incurred, regardless of when cash is exchanged. Based on these definitions, identify the term that matches the act of reducing spending to save money.