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 NOT an essential part of the accounting records?

Trial balance

Personal diaries of employees

General ledger

Journal entries

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Understand the purpose of accounting records: Accounting records are formal documents that track financial transactions and are essential for preparing financial statements and ensuring compliance with accounting standards.

Review the options provided: Trial balance, General ledger, Journal entries, and Personal diaries of employees.

Clarify the role of each option: The trial balance is a summary of all ledger accounts to ensure debits equal credits. The general ledger contains detailed accounts for all transactions. Journal entries are the initial recording of transactions in chronological order.

Evaluate the relevance of 'Personal diaries of employees': Personal diaries are not formal accounting records and do not contribute to the financial reporting process. They are unrelated to the structured system of accounting.

Conclude that 'Personal diaries of employees' is NOT an essential part of accounting records because it does not serve any accounting purpose or adhere to the principles of financial accounting.