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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

Of the following steps of the accounting cycle, which step should be completed first?

Prepare the trial balance

Post entries to the ledger accounts

Analyze transactions and events

Prepare financial statements

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Verified step by step guidance

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

Step 2: Recognize that the first step in the accounting cycle is to analyze transactions and events. This involves identifying and understanding the financial impact of each transaction or event on the business.

Step 3: After analyzing transactions, the next step is to record them in the journal using the double-entry system, ensuring that debits equal credits.

Step 4: Once journal entries are recorded, they are posted to the ledger accounts to organize and summarize the financial data.

Step 5: After posting to the ledger, a trial balance is prepared to ensure that total debits equal total credits, followed by the preparation of financial statements to report the financial position and performance of the business.