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

In general, forecasts and budgets that are 12 months or less in duration are called:

Short-term budgets

Long-term budgets

Capital budgets

Flexible budgets

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Verified step by step guidance

Understand the concept of budgeting: Budgets are financial plans that estimate income and expenses over a specific period. They help organizations allocate resources effectively.

Learn the classification of budgets based on duration: Budgets can be categorized as short-term (12 months or less) or long-term (more than 12 months). Short-term budgets focus on immediate financial planning, while long-term budgets address extended periods.

Review the types of budgets: Capital budgets are used for long-term investments in assets, flexible budgets adjust based on activity levels, and short-term budgets focus on immediate operational needs.

Identify the correct term for budgets lasting 12 months or less: Based on the definition, these are referred to as short-term budgets.

Confirm the answer by matching the definition with the options provided: The correct answer is 'Short-term budgets,' as they align with the duration specified in the problem.