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 are examples of business transactions?

Purchasing inventory for cash

Discussing marketing strategies in a meeting

Hiring a new employee without signing a contract

Setting company goals for the next year

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Verified step by step guidance

Step 1: Understand the definition of a business transaction. A business transaction is an event that has a financial impact on the business and can be recorded in the accounting system. It typically involves the exchange of goods, services, or money.

Step 2: Analyze the first example: 'Purchasing inventory for cash.' This involves the exchange of money for inventory, which affects both the cash account and the inventory account in the financial records. Therefore, it qualifies as a business transaction.

Step 3: Analyze the second example: 'Discussing marketing strategies in a meeting.' This activity does not involve any financial exchange or impact on the accounting records. It is a planning activity and does not qualify as a business transaction.

Step 4: Analyze the third example: 'Hiring a new employee without signing a contract.' While hiring an employee is an important operational activity, it does not immediately involve a financial exchange or impact the accounting records unless a contract is signed or payment is made. Thus, it does not qualify as a business transaction.

Step 5: Analyze the fourth example: 'Setting company goals for the next year.' This is a strategic activity and does not involve any financial exchange or impact on the accounting records. Therefore, it does not qualify as a business transaction.