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 assertion relating to classes of transactions in financial accounting?

Occurrence

Valuation and Allocation

Completeness

Accuracy

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Verified step by step guidance

Step 1: Understand the concept of assertions in financial accounting. Assertions are representations made by management regarding the recognition, measurement, presentation, and disclosure of financial information in the financial statements.

Step 2: Focus on assertions related to classes of transactions. These assertions include Occurrence, Completeness, Accuracy, Cutoff, and Classification. They ensure that transactions are recorded properly and reflect the reality of the business operations.

Step 3: Analyze the options provided in the question. 'Occurrence,' 'Completeness,' and 'Accuracy' are all assertions related to classes of transactions. These assertions verify that transactions occurred, are complete, and are recorded accurately.

Step 4: Identify the term 'Valuation and Allocation.' This assertion is not related to classes of transactions but rather to account balances. It ensures that assets, liabilities, and equity are valued correctly and allocated appropriately in the financial statements.

Step 5: Conclude that 'Valuation and Allocation' is the correct answer because it does not pertain to classes of transactions but instead to account balances.