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 best describes the term 'salary' in accounting?

A one-time payment made to suppliers for goods purchased.

A fixed regular payment made by an employer to an employee, typically expressed on a monthly or annual basis.

A variable payment made to employees based on hours worked.

A periodic payment made to shareholders as a return on their investment.

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Verified step by step guidance

Understand the term 'salary' in accounting: Salary refers to a fixed regular payment made by an employer to an employee, typically expressed on a monthly or annual basis. It is distinct from wages, which are often variable and based on hours worked.

Eliminate incorrect options: Review each option provided in the problem and identify why it does not align with the definition of 'salary.'

Option 1: 'A one-time payment made to suppliers for goods purchased' is incorrect because this describes a payment for goods or services, not employee compensation.

Option 3: 'A variable payment made to employees based on hours worked' is incorrect because this describes wages, not salary, which is fixed and regular.

Option 4: 'A periodic payment made to shareholders as a return on their investment' is incorrect because this describes dividends, not salary. The correct answer is the second option, which matches the definition of salary.