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 terms refers to a benchmark used in measuring performance in accounting?

Ledger

Standard

Voucher

Journal

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Verified step by step guidance

Understand the question: The problem is asking for a term that refers to a benchmark used in measuring performance in accounting.

Review the options provided: Ledger, Standard, Voucher, and Journal. Each term has a specific meaning in accounting.

Define each term: A 'Ledger' is a book or collection of accounts where transactions are recorded. A 'Voucher' is a document that serves as evidence for a transaction. A 'Journal' is a record of transactions in chronological order. A 'Standard' refers to a benchmark or guideline used to measure performance or ensure consistency in accounting practices.

Identify the correct term: Based on the definitions, the term 'Standard' aligns with the concept of a benchmark used in measuring performance.

Conclude the reasoning: The correct answer is 'Standard' because it represents a benchmark or guideline in accounting, which is used to measure and compare performance.