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 statements about inventory control systems is true?

A periodic inventory system provides real-time information about inventory balances.

Periodic inventory systems are more accurate than perpetual inventory systems.

Perpetual inventory systems do not require physical counts of inventory.

A perpetual inventory system continuously updates inventory records for each purchase and sale.

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Verified step by step guidance

Understand the two types of inventory control systems: periodic and perpetual. A periodic inventory system updates inventory records at specific intervals, such as monthly or annually, while a perpetual inventory system continuously updates inventory records in real-time for each transaction.

Analyze the statement 'A periodic inventory system provides real-time information about inventory balances.' This is incorrect because periodic systems only update inventory balances at the end of the accounting period, not in real-time.

Evaluate the statement 'Periodic inventory systems are more accurate than perpetual inventory systems.' This is incorrect because perpetual systems are generally more accurate due to their continuous updates, although physical counts are still necessary to verify accuracy.

Consider the statement 'Perpetual inventory systems do not require physical counts of inventory.' This is incorrect because physical counts are still needed to reconcile discrepancies caused by theft, errors, or other factors.

Review the statement 'A perpetual inventory system continuously updates inventory records for each purchase and sale.' This is correct because perpetual systems are designed to provide real-time updates for inventory transactions, ensuring more accurate and timely information.