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 is least likely to be kept as part of one’s financial records?

Personal diary entries

Bank statements

Invoices

Receipts for business expenses

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Verified step by step guidance

Step 1: Understand the purpose of financial records. Financial records are documents that track financial transactions, income, expenses, and other monetary activities. They are essential for budgeting, tax preparation, and financial analysis.

Step 2: Analyze each option provided in the question. Consider whether the item is directly related to financial transactions or business activities.

Step 3: Evaluate 'Personal diary entries.' These are typically personal reflections or notes and do not contain financial information or records of transactions, making them unrelated to financial accounting.

Step 4: Evaluate 'Bank statements.' These are official records provided by banks that detail account activity, including deposits, withdrawals, and balances, making them crucial for financial record-keeping.

Step 5: Evaluate 'Invoices' and 'Receipts for business expenses.' Both are essential financial documents that record transactions and expenses, often used for accounting and tax purposes. Compare these to 'Personal diary entries' to identify the least relevant item.