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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Which of the following statements about the general ledger is true?

The general ledger contains all the accounts used by a company to record its financial transactions.

The general ledger is prepared only at the end of the fiscal year.

The general ledger only includes revenue and expense accounts.

The general ledger is used exclusively for preparing the statement of cash flows.

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Verified step by step guidance

Understand the concept of a general ledger: A general ledger is a complete record of all financial transactions of a company, organized by accounts. It includes assets, liabilities, equity, revenue, and expense accounts.

Evaluate the first statement: 'The general ledger contains all the accounts used by a company to record its financial transactions.' This is correct because the general ledger serves as the central repository for all accounts and their balances.

Evaluate the second statement: 'The general ledger is prepared only at the end of the fiscal year.' This is incorrect because the general ledger is updated continuously as transactions occur, not just at the end of the fiscal year.

Evaluate the third statement: 'The general ledger only includes revenue and expense accounts.' This is incorrect because the general ledger includes all types of accounts, not just revenue and expense accounts.

Evaluate the fourth statement: 'The general ledger is used exclusively for preparing the statement of cash flows.' This is incorrect because the general ledger is used for preparing all financial statements, including the balance sheet, income statement, and statement of cash flows.