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 events is NOT recorded in a company's accounting records?

The company signs a contract to provide services in the future.

A manager discusses a potential new product with the marketing team.

The company purchases office supplies for cash.

The company receives payment from a customer for services rendered.

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Verified step by step guidance

Step 1: Understand the concept of accounting records. Accounting records are used to document transactions that have a financial impact on the company. These transactions must be measurable in monetary terms and typically involve the exchange of goods, services, or cash.

Step 2: Analyze each event in the problem to determine whether it has a financial impact and is measurable in monetary terms. Events that do not meet these criteria are not recorded in accounting records.

Step 3: Evaluate the event 'The company signs a contract to provide services in the future.' This event is not recorded because it represents a future obligation, not a completed transaction with a financial impact at the time of signing.

Step 4: Evaluate the event 'A manager discusses a potential new product with the marketing team.' This event is not recorded because it does not involve a financial transaction or measurable monetary impact. It is simply an internal discussion.

Step 5: Evaluate the events 'The company purchases office supplies for cash' and 'The company receives payment from a customer for services rendered.' Both of these events involve financial transactions that are measurable in monetary terms and are therefore recorded in accounting records.