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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

Keeping track of what you earn, spend, and save are key parts of a:

depreciation schedule

trial balance

balance sheet only

personal accounting system

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Verified step by step guidance

Understand the concept of a personal accounting system: It involves tracking your income (earnings), expenses (spending), and savings to manage your finances effectively.

Recognize that a depreciation schedule is used in accounting to allocate the cost of an asset over its useful life, which is unrelated to personal finance tracking.

Understand that a trial balance is a bookkeeping tool used to ensure that debits and credits in a ledger are balanced, which is also unrelated to personal finance tracking.

Learn that a balance sheet is a financial statement showing assets, liabilities, and equity at a specific point in time, but it does not encompass the broader scope of tracking earnings, spending, and savings.

Conclude that the correct answer is a personal accounting system, as it directly involves managing and tracking personal financial activities like earning, spending, and saving.