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 considered cash for financial reporting purposes?

A checking account balance

Certificates of deposit maturing in 9 months

IOUs from employees

Postdated checks received from customers

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Verified step by step guidance

Understand the definition of 'cash' in financial reporting: Cash includes currency, coins, and amounts readily available in checking accounts. It excludes items that are not immediately available for use or are considered receivables or investments.

Analyze the first option: A checking account balance is considered cash because it represents funds that are readily available for use.

Evaluate the second option: Certificates of deposit maturing in 9 months are not considered cash because they are classified as short-term investments due to their maturity period exceeding 3 months.

Examine the third option: IOUs from employees are not considered cash because they represent receivables, not liquid funds.

Review the fourth option: Postdated checks received from customers are not considered cash because they cannot be deposited or used until the date on the check.