Table of contents

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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

2. Transaction Analysis

Accounting Flow Intuition: BASE Formula

Financial Accounting

2. Transaction Analysis

Accounting Flow Intuition: BASE Formula

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Multiple Choice

Which of the following correctly lists the main steps of the accounting cycle in order?

Journalize, analyze transactions, prepare trial balance, post to ledger, close accounts, adjust entries, prepare financial statements

Post to ledger, journalize, analyze transactions, prepare financial statements, adjust entries, close accounts, prepare trial balance

Prepare financial statements, adjust entries, post to ledger, journalize, analyze transactions, close accounts, prepare trial balance

Analyze transactions, journalize, post to ledger, prepare trial balance, adjust entries, prepare financial statements, close accounts

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Verified step by step guidance

Step 1: Understand the accounting cycle, which is a series of steps followed to record, summarize, and report financial transactions systematically.

Step 2: The first step in the accounting cycle is to analyze transactions. This involves identifying and understanding the financial events that need to be recorded.

Step 3: The second step is to journalize the transactions. This means recording the transactions in the journal using the double-entry accounting system.

Step 4: The third step is to post the journal entries to the ledger. This involves transferring the information from the journal to the respective accounts in the general ledger.

Step 5: The subsequent steps include preparing a trial balance, adjusting entries, preparing financial statements, and finally closing the accounts in the correct sequence as outlined in the problem.