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 the correct order of the steps in the accounting cycle?

1. Prepare trial balance, 2. Journalize transactions, 3. Post to ledger, 4. Prepare financial statements

1. Prepare financial statements, 2. Journalize transactions, 3. Post to ledger, 4. Prepare trial balance

1. Post to ledger, 2. Journalize transactions, 3. Prepare trial balance, 4. Prepare financial statements

1. Journalize transactions, 2. Post to ledger, 3. Prepare trial balance, 4. Prepare financial statements

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Verified step by step guidance

Step 1: Understand the accounting cycle, which is the sequence of steps followed to record, classify, and summarize financial transactions in a systematic manner.

Step 2: Begin with journalizing transactions. This involves recording all financial transactions in the journal using the double-entry system. Each transaction is recorded with a debit and a credit entry.

Step 3: Post the journalized transactions to the ledger. The ledger contains individual accounts where transactions are categorized and summarized. This step ensures that all entries are properly classified under their respective accounts.

Step 4: Prepare the trial balance. This is a summary of all ledger accounts and their balances at a specific point in time. The trial balance ensures that the total debits equal the total credits, verifying the accuracy of the postings.

Step 5: Prepare the financial statements. Using the trial balance, financial statements such as the income statement, balance sheet, and cash flow statement are created to provide a clear picture of the company's financial performance and position.