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 situations best represents a unilateral contract?

Two companies sign an agreement where both agree to deliver goods and make payment on specified dates.

A company promises to pay a $500 bonus to any employee who refers a new client, and the bonus is paid only if the referral results in a sale.

A supplier and retailer agree in writing to purchase and deliver inventory at set intervals.

A landlord and tenant sign a lease agreement outlining mutual obligations for rent and property maintenance.

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Verified step by step guidance

Understand the concept of a unilateral contract: A unilateral contract is a type of agreement where only one party makes a promise, and the other party is not obligated to act. The contract is fulfilled when the second party performs the requested action.

Analyze the first option: Two companies sign an agreement where both agree to deliver goods and make payment on specified dates. This represents a bilateral contract because both parties have mutual obligations.

Analyze the second option: A company promises to pay a $500 bonus to any employee who refers a new client, and the bonus is paid only if the referral results in a sale. This represents a unilateral contract because the company makes a promise, and the employee is not obligated to act. The contract is fulfilled only if the employee refers a client resulting in a sale.

Analyze the third option: A supplier and retailer agree in writing to purchase and deliver inventory at set intervals. This represents a bilateral contract because both parties have mutual obligations.

Analyze the fourth option: A landlord and tenant sign a lease agreement outlining mutual obligations for rent and property maintenance. This represents a bilateral contract because both parties have mutual obligations.