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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense. Which of the following best completes the definition?

balances

credits

transactions

decreases

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Verified step by step guidance

Step 1: Begin by understanding the definition of an account in Financial Accounting. An account is a record used to track increases and decreases in specific categories such as assets, liabilities, equity, revenue, or expenses.

Step 2: Analyze the options provided: 'balances,' 'credits,' and 'transactions.' Consider how each term relates to the definition of an account.

Step 3: Recognize that 'balances' refer to the net amount in an account after considering all increases and decreases, but they do not directly complete the definition of an account.

Step 4: Understand that 'credits' are one side of a transaction in double-entry accounting, but they do not encompass the full concept of increases and decreases in an account.

Step 5: Identify that 'transactions' are the events that cause changes in accounts, including both increases and decreases, making 'transactions' the best fit to complete the definition.