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

A gold certificate is considered to be which type of money?

Representative money

Commodity money

Fiat money

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Verified step by step guidance

Understand the concept of 'Representative money': This type of money represents a claim on a commodity, such as gold or silver, and can be exchanged for a fixed amount of that commodity.

Understand the concept of 'Commodity money': This type of money has intrinsic value and is made of a commodity that has value in itself, such as gold or silver coins.

Understand the concept of 'Fiat money': This type of money has value because a government declares it to be legal tender, and it is not backed by a physical commodity.

Analyze the characteristics of a gold certificate: A gold certificate is a document that represents ownership of a specific amount of gold, which can be exchanged for the commodity itself.

Conclude that a gold certificate aligns with the definition of 'Representative money' because it represents a claim on a commodity (gold) rather than having intrinsic value or being declared legal tender by a government.