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 primary purpose of contract administration in accounting?

To determine the market value of company assets

To prepare annual tax returns for the organization

To ensure that all terms and conditions of a contract are fulfilled by both parties

To record only cash transactions in the financial statements

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Verified step by step guidance

Understand the concept of contract administration in accounting: Contract administration involves managing and ensuring compliance with the terms and conditions of a contract between two parties.

Identify the primary purpose of contract administration: The goal is to ensure that all obligations, rights, and responsibilities outlined in the contract are fulfilled by both parties.

Evaluate the options provided in the question: Analyze each option to determine whether it aligns with the primary purpose of contract administration.

Option 1: Determining the market value of company assets is unrelated to contract administration, as it pertains to asset valuation rather than contract compliance.

Option 2: Preparing annual tax returns is a tax-related activity and does not fall under the scope of contract administration. The correct answer is the option that ensures fulfillment of contract terms and conditions.