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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following financial documents is recommended to store for just one month?

Year-end bank statements

Tax returns

ATM receipts

Mortgage documents

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Understand the purpose of each financial document listed in the problem. Year-end bank statements and tax returns are critical for long-term record-keeping, as they are often required for audits, tax filings, or financial planning.

Recognize that mortgage documents are essential for the duration of the loan and beyond, as they provide proof of ownership and loan terms. These should be stored indefinitely.

Identify ATM receipts as short-term documents. They are typically used to verify transactions against your bank statement and can be discarded once the transaction is confirmed and reconciled.

Consider the general recommendation for storing ATM receipts: keep them for one month or until the transaction appears on your bank statement and is verified.

Conclude that ATM receipts are the financial documents recommended to store for just one month, as they serve a temporary purpose compared to the other documents listed.