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 one of the three key elements of record keeping in accounting?

Depreciation

Amortization

Classification

Consolidation

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Verified step by step guidance

Understand the concept of record keeping in accounting: Record keeping involves systematically recording, classifying, and summarizing financial transactions to ensure accurate financial reporting.

Identify the three key elements of record keeping: These are typically recording, classification, and summarization. Each plays a distinct role in organizing financial data.

Focus on classification: Classification refers to organizing recorded transactions into categories or accounts, such as assets, liabilities, revenues, and expenses, to facilitate analysis and reporting.

Compare classification with other terms provided: Depreciation and amortization are methods of allocating costs over time, while consolidation refers to combining financial statements of entities. These are not part of the core record-keeping elements.

Conclude that classification is one of the three key elements of record keeping in accounting, as it directly relates to organizing financial data for effective reporting.