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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Why does an expense form typically not require a payee to be listed?

Because all expense forms are automatically paid to vendors without verification.

Because the payee information is always included on the company's balance sheet.

Because the expense form is used to document costs incurred by an employee, not to initiate a payment to a specific vendor.

Because expense forms are only used for internal budgeting and not for reimbursement purposes.

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Verified step by step guidance

Understand the purpose of an expense form: Expense forms are typically used to document costs incurred by employees during business activities, such as travel, meals, or supplies.

Recognize that expense forms are not payment instruments: Unlike invoices or checks, expense forms are not used to initiate payments to vendors or payees. They serve as a record of expenses for reimbursement or accounting purposes.

Clarify the role of payee information: Since the expense form is focused on documenting employee-incurred costs, it does not require payee information unless the expense specifically involves a vendor or third party.

Differentiate between expense forms and other financial documents: Payment-related documents, such as invoices or purchase orders, typically include payee details because they are directly tied to transactions with external parties.

Conclude that the correct answer is: 'Because the expense form is used to document costs incurred by an employee, not to initiate a payment to a specific vendor.' This aligns with the primary function of expense forms in financial accounting.