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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is NOT one of the four general accounting principles?

Historical Cost Principle

Materiality Principle

Matching Principle

Revenue Recognition Principle

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the concept of accounting principles. Accounting principles are the fundamental guidelines that govern the preparation and presentation of financial statements. They ensure consistency, reliability, and comparability of financial information.

Step 2: Review the four general accounting principles mentioned in the problem: Historical Cost Principle, Materiality Principle, Matching Principle, and Revenue Recognition Principle.

Step 3: Define each principle briefly: - Historical Cost Principle: Assets are recorded at their original purchase price. - Materiality Principle: Information is considered material if its omission or misstatement could influence the decision-making of users. - Matching Principle: Expenses are recognized in the same period as the revenues they help generate. - Revenue Recognition Principle: Revenue is recognized when it is earned and realizable, not necessarily when cash is received.

Step 4: Identify which principle is NOT one of the four general accounting principles. The Materiality Principle is a concept used in accounting but is not classified as one of the four general accounting principles.

Step 5: Conclude that the correct answer is the Materiality Principle, as it does not belong to the four general accounting principles listed in the problem.