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

Because every transaction has a buyer and a seller, which accounting principle ensures that each transaction is recorded in at least two accounts, maintaining the accounting equation?

Managerial accounting

Double-entry accounting

Tax accounting

Single-entry accounting

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Verified step by step guidance

Understand the concept of double-entry accounting: Double-entry accounting is a fundamental principle in financial accounting that ensures every transaction affects at least two accounts, maintaining the balance of the accounting equation (Assets = Liabilities + Equity).

Recognize the importance of the accounting equation: The accounting equation is the foundation of financial accounting, and double-entry accounting ensures that this equation remains balanced after every transaction.

Identify the role of debits and credits: In double-entry accounting, every transaction is recorded with a debit in one account and a corresponding credit in another account. This dual effect ensures the integrity of financial records.

Compare double-entry accounting with single-entry accounting: Single-entry accounting records transactions in only one account, which does not maintain the accounting equation and is less reliable for financial reporting.

Conclude why double-entry accounting is the correct answer: Double-entry accounting is the principle that ensures each transaction is recorded in at least two accounts, maintaining the accounting equation and providing accurate financial information.