Table of contents

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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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

Balancing your checking account is a lot like working on your budget because:

Both require tracking and matching your inflows and outflows to ensure your records are accurate.

Both are only necessary at the end of the year.

Both eliminate the need to reconcile your bank statements.

Both involve only recording expenses and ignoring income.

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Verified step by step guidance

Understand the concept of balancing a checking account: It involves tracking and reconciling inflows (deposits) and outflows (expenses) to ensure the account records match the bank's records.

Recognize the similarities with budgeting: Budgeting also requires monitoring inflows (income) and outflows (expenses) to maintain financial accuracy and control.

Eliminate incorrect options: Balancing a checking account and budgeting are not limited to year-end activities, nor do they eliminate the need to reconcile bank statements.

Clarify the purpose: Both processes aim to ensure financial accuracy by tracking all transactions, including both income and expenses, rather than ignoring income.

Select the correct answer: The correct choice is the one that highlights the shared goal of tracking and matching inflows and outflows to ensure records are accurate.