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 accounting problems would be best addressed by a business bank?

Allocating overhead costs to production departments

Preparing adjusting journal entries for accrued revenues

Calculating depreciation expense for fixed assets

Managing cash flow and reconciling bank statements

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Verified step by step guidance

Understand the role of a business bank in financial accounting. A business bank primarily assists with cash management, including handling transactions, reconciling bank statements, and ensuring proper cash flow management.

Recognize that allocating overhead costs to production departments is typically handled internally by the business's accounting team or cost accountants, as it involves detailed cost allocation methods.

Identify that preparing adjusting journal entries for accrued revenues is a task performed by accountants during the period-end closing process, not by a business bank.

Note that calculating depreciation expense for fixed assets is an accounting function that involves applying depreciation methods (e.g., straight-line or declining balance) to fixed assets, which is unrelated to the services provided by a business bank.

Conclude that managing cash flow and reconciling bank statements is the correct answer because these tasks align with the services provided by a business bank, which helps businesses ensure accurate financial records and maintain liquidity.