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

One way to revise a budget to meet long-term goals is to ______ discretionary spending.

eliminate all

reduce

ignore

increase

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Verified step by step guidance

Understand the concept of discretionary spending: Discretionary spending refers to non-essential expenses, such as entertainment, dining out, or luxury items, which can be adjusted based on financial goals.

Recognize the importance of budgeting: A budget is a financial plan that helps allocate resources effectively to meet both short-term and long-term goals.

Analyze the impact of discretionary spending on long-term goals: Excessive discretionary spending can hinder the ability to save or invest for future objectives, such as retirement or purchasing a home.

Identify strategies to revise a budget: To align with long-term goals, reducing discretionary spending is often a practical approach. This involves prioritizing essential expenses and minimizing non-essential ones.

Apply the concept to the problem: The correct approach to revising a budget to meet long-term goals is to reduce discretionary spending, as eliminating all discretionary spending may not be realistic or sustainable.