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

The process of keeping the financial records of a business is known as:

Cost Accounting

Auditing

Bookkeeping

Taxation

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Verified step by step guidance

Understand the concept: Bookkeeping is the process of recording all financial transactions systematically for a business. It is a foundational aspect of financial accounting.

Differentiate between related terms: Cost Accounting focuses on analyzing costs, Auditing involves verifying financial records, and Taxation deals with tax-related matters. Bookkeeping is distinct as it primarily involves recording transactions.

Recognize the importance of bookkeeping: It ensures accurate financial records, which are essential for preparing financial statements and making informed business decisions.

Learn the key activities in bookkeeping: These include recording sales, purchases, receipts, and payments, maintaining ledgers, and reconciling accounts.

Apply the knowledge: When asked about the process of keeping financial records, identify it as bookkeeping, as it directly refers to the systematic recording of financial transactions.