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 form of money came into existence because of goldsmiths' receipts?

Commodity money

Electronic money

Banknotes (paper money)

Barter system

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Verified step by step guidance

Understand the historical context: Goldsmiths in earlier times stored gold for individuals and issued receipts as proof of deposit. These receipts were easier to carry and trade compared to physical gold.

Recognize the transition: Over time, these receipts began to be accepted as a medium of exchange because they represented a claim to a specific amount of gold held by the goldsmith.

Identify the form of money: The receipts issued by goldsmiths evolved into what we now know as banknotes or paper money, as they were backed by the gold reserves held by the issuer.

Differentiate from other forms of money: Commodity money refers to items with intrinsic value (like gold itself), electronic money is digital currency, and the barter system involves direct exchange of goods and services without a medium like money.

Conclude the concept: Banknotes (paper money) came into existence because of goldsmiths' receipts, marking a significant development in the history of money and financial systems.