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 statements about a promissory note is true?

A promissory note is used only for recording sales transactions.

A promissory note is an equity instrument representing ownership in a company.

A promissory note is a written promise to pay a specified amount of money at a future date.

A promissory note does not require the signature of the maker.

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Verified step by step guidance

Step 1: Understand the concept of a promissory note. A promissory note is a financial instrument that represents a written promise by one party (the maker) to pay a specified amount of money to another party (the payee) at a future date or on demand.

Step 2: Analyze the first statement: 'A promissory note is used only for recording sales transactions.' This is incorrect because promissory notes can be used for various purposes, such as loans, financing, or other agreements, not just sales transactions.

Step 3: Analyze the second statement: 'A promissory note is an equity instrument representing ownership in a company.' This is incorrect because a promissory note is a debt instrument, not an equity instrument. It does not represent ownership but rather an obligation to pay.

Step 4: Analyze the third statement: 'A promissory note is a written promise to pay a specified amount of money at a future date.' This is correct because it accurately defines the purpose and nature of a promissory note.

Step 5: Analyze the fourth statement: 'A promissory note does not require the signature of the maker.' This is incorrect because the maker's signature is essential to validate the promissory note as a legal and binding document.