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

Source documents would include items such as:

Invoices and receipts

Bank reconciliations

Financial statements

Depreciation schedules

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Verified step by step guidance

Understand the concept of source documents: Source documents are original records that provide evidence of a financial transaction. They are the foundation for recording transactions in the accounting system.

Identify examples of source documents: Common examples include invoices, receipts, purchase orders, and checks. These documents serve as proof of transactions and are used to create journal entries.

Differentiate between source documents and other accounting records: Items like bank reconciliations, financial statements, and depreciation schedules are not source documents. They are derived from source documents and are part of the accounting process but do not directly record transactions.

Focus on the purpose of source documents: Their primary role is to provide verifiable evidence of transactions, ensuring accuracy and compliance in financial reporting.

Review the examples provided in the problem: Invoices and receipts are correct examples of source documents, while bank reconciliations, financial statements, and depreciation schedules are not considered source documents.