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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Why is it important to keep some, but not all, receipts as part of your financial records?

Only receipts related to deductible expenses or significant purchases are necessary for tax and audit purposes.

Receipts should only be kept for cash transactions, not for credit or debit card purchases.

All receipts, regardless of amount or relevance, must be kept indefinitely for financial records.

Receipts are never needed since bank statements provide all necessary documentation.

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Verified step by step guidance

Understand the purpose of keeping receipts: Receipts serve as proof of transactions and are essential for verifying deductible expenses, significant purchases, or cash transactions during tax filing or audits.

Identify which receipts are necessary: Focus on receipts related to deductible expenses (e.g., business expenses, charitable donations) and significant purchases (e.g., assets or items with warranties). These are crucial for tax and audit purposes.

Recognize the difference between cash and card transactions: Receipts for cash transactions are particularly important because they may not be reflected in bank statements, unlike credit or debit card purchases.

Avoid keeping unnecessary receipts: Not all receipts need to be kept indefinitely. Retain only those relevant to financial records, tax purposes, or warranties, and discard others to avoid clutter.

Understand the role of bank statements: While bank statements provide documentation for card transactions, they do not replace receipts for deductible expenses or significant purchases. Receipts provide detailed itemized information that bank statements lack.