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 are the three main types of bank transactions in accounting?

Sales, purchases, and inventory adjustments

Deposits, withdrawals, and transfers

Assets, liabilities, and equity

Revenues, expenses, and dividends

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Verified step by step guidance

Understand the context of the question: The problem is asking about the three main types of bank transactions in accounting, which are specific to how banks record and manage financial activities.

Clarify the concept of bank transactions: Bank transactions typically involve movements of money between accounts or entities. These transactions are categorized to reflect the flow of funds accurately.

Review the options provided: Analyze each option to determine which aligns with the definition of bank transactions. For example, 'Deposits, withdrawals, and transfers' are direct actions involving bank accounts, while 'Sales, purchases, and inventory adjustments' pertain to business operations rather than banking.

Eliminate incorrect options: 'Assets, liabilities, and equity' are components of the accounting equation, not bank transactions. Similarly, 'Revenues, expenses, and dividends' relate to income statement accounts, not specific bank activities.

Conclude that the correct answer is 'Deposits, withdrawals, and transfers,' as these are the primary types of transactions that occur within banking systems and are directly tied to the movement of funds.