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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

When creating a budget, fixed expenses should be logged:

after income

after savings

before income

at the top

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Verified step by step guidance

Understand the concept of fixed expenses: Fixed expenses are costs that remain constant over time, such as rent, insurance, or loan payments. These are predictable and do not fluctuate based on usage or activity.

Learn the importance of prioritizing fixed expenses: Fixed expenses are essential obligations that must be paid regardless of income fluctuations. Therefore, they are typically prioritized in budgeting to ensure financial stability.

Recognize the sequence in budgeting: Fixed expenses should be logged at the top of the budget because they represent non-negotiable commitments that must be accounted for before allocating funds to other categories like savings or discretionary spending.

Compare fixed expenses to other budget categories: Unlike variable expenses (e.g., entertainment or dining out) or savings, fixed expenses are predictable and should be addressed first to avoid financial shortfalls.

Apply this principle in practice: When creating a budget, start by listing all fixed expenses at the top, followed by savings goals, and then allocate remaining income to variable expenses and discretionary spending.