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 of the following is NOT considered a source document in accounting?

Sales invoice

Ledger account

Purchase order

Bank statement

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Verified step by step guidance

Understand the concept of a source document: A source document in accounting is any original record that contains the details of a financial transaction. Examples include invoices, receipts, purchase orders, and bank statements.

Review the options provided: Sales invoice, ledger account, purchase order, and bank statement.

Identify the purpose of each option: Sales invoices, purchase orders, and bank statements are all original records that document financial transactions, making them source documents.

Clarify the role of a ledger account: A ledger account is not a source document. It is a record within the accounting system where transactions are posted after being recorded from source documents.

Conclude that the ledger account is NOT considered a source document because it is a secondary record derived from the original source documents.