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

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

3. In the context of journal entries, what is the process of preparing a batch report from a point-of-sale (POS) terminal commonly referred to as?

Batching out

Reconciling bank statements

Posting to the ledger

Recording adjusting entries

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Verified step by step guidance

Understand the context of the question: It is asking about a specific process related to journal entries and point-of-sale (POS) terminals.

Recognize that a POS terminal is used to record sales transactions, and at the end of a business day or shift, businesses often prepare a summary of all transactions processed.

Learn the term 'batching out': This refers to the process of preparing a batch report from the POS terminal, summarizing all transactions for reconciliation and record-keeping purposes.

Differentiate 'batching out' from other accounting processes: For example, reconciling bank statements involves comparing the company's records with the bank's records, posting to the ledger involves transferring journal entries to the general ledger, and recording adjusting entries involves making corrections to accounts at the end of an accounting period.

Conclude that 'batching out' is the correct term for the process described in the question, as it specifically refers to preparing a batch report from a POS terminal.