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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

A list of all account names used to record transactions of a company is referred to as a:

Ledger

Trial Balance

Chart of Accounts

General Journal

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Verified step by step guidance

Understand the concept: A 'Chart of Accounts' is a complete list of all account names used by a company to record its financial transactions. It serves as an organizational tool for categorizing financial data.

Differentiate the options: A 'Ledger' is a collection of accounts that shows the detailed transactions for each account. A 'Trial Balance' is a summary of all ledger accounts to ensure debits equal credits. A 'General Journal' is the initial record where transactions are first entered.

Recognize the purpose of the Chart of Accounts: It is designed to provide a structured framework for recording and reporting financial transactions, ensuring consistency and clarity in financial statements.

Relate the Chart of Accounts to financial reporting: Each account in the Chart of Accounts corresponds to a specific line item in the financial statements, such as assets, liabilities, equity, revenues, and expenses.

Conclude that the Chart of Accounts is the correct answer because it is the comprehensive list of account names used for recording transactions, unlike the other options which serve different purposes in accounting.