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 is NOT a typical budgeting approach used by companies?

Flexible budgeting

Historical cost budgeting

Incremental budgeting

Zero-based budgeting

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Verified step by step guidance

Understand the concept of budgeting approaches: Budgeting approaches are methods used by companies to plan and allocate resources effectively. Common approaches include flexible budgeting, incremental budgeting, and zero-based budgeting.

Define flexible budgeting: Flexible budgeting adjusts budgeted amounts based on actual activity levels or changes in business conditions. It is dynamic and adapts to fluctuations in operations.

Define incremental budgeting: Incremental budgeting involves using the previous period's budget as a base and making adjustments for the current period, such as adding or subtracting amounts based on expected changes.

Define zero-based budgeting: Zero-based budgeting starts from scratch, requiring all expenses to be justified for each new period, rather than basing the budget on historical figures.

Clarify historical cost budgeting: Historical cost budgeting is not a typical budgeting approach. It refers to using past costs as a basis for decision-making, but it is not recognized as a formal budgeting method like the others listed.