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

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

In the context of recording journal entries, if you want to automatically retrieve the value from cell C77 based on a matching value found in cells B77:B81, which Excel function should you use?

SUM

VLOOKUP

AVERAGE

COUNTIF

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Verified step by step guidance

Understand the problem: You need to retrieve a value from a specific cell (C77) based on a matching value found in a range of cells (B77:B81). This requires a function that can search for a match and return a corresponding value.

Identify the appropriate Excel function: The VLOOKUP function is designed for this purpose. It searches for a value in the first column of a range and returns a value in the same row from another column.

Structure the VLOOKUP formula: The syntax for VLOOKUP is VLOOKUP(lookup_value, table_array, col_index_num, [range_lookup]). Here, 'lookup_value' is the value you want to match, 'table_array' is the range of cells to search, 'col_index_num' specifies the column number to retrieve the value from, and 'range_lookup' determines whether the match should be exact or approximate.

Apply the formula: In this case, you would use VLOOKUP to search for the matching value in B77:B81 and retrieve the corresponding value from column C. For example, if the lookup value is in cell A1, the formula might look like VLOOKUP(A1, B77:C81, 2, FALSE).

Test and verify: After entering the formula, ensure that it correctly retrieves the value from cell C77 based on the matching value in B77:B81. Adjust the formula parameters if necessary.