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 an example of transaction processing in accounting?

Recording a sales invoice

Posting a journal entry for a cash payment

Preparing a financial statement analysis

Entering a purchase order into the accounting system

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Verified step by step guidance

Understand the concept of transaction processing in accounting: Transaction processing involves recording, posting, and entering financial transactions into the accounting system. These activities are part of the day-to-day operations of accounting.

Review the examples provided: Recording a sales invoice, posting a journal entry for a cash payment, and entering a purchase order into the accounting system are all examples of transaction processing because they involve direct handling of financial transactions.

Analyze the option 'Preparing a financial statement analysis': Financial statement analysis is not part of transaction processing. It is a higher-level activity that involves interpreting and analyzing the financial data already recorded in the system to assess the financial health of a business.

Differentiate between transaction processing and financial analysis: Transaction processing focuses on the mechanical and procedural aspects of recording transactions, while financial analysis focuses on evaluating and interpreting the recorded data.

Conclude that 'Preparing a financial statement analysis' is NOT an example of transaction processing because it does not involve recording or entering transactions but rather analyzing the data after it has been processed.