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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

The general ledger can be used to determine which of the following?

The market value of company assets

The detailed list of all company employees

The amount of cash on hand at the end of the period only

The balance of each account at a specific point in time

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Verified step by step guidance

Understand the purpose of the general ledger: The general ledger is a complete record of all financial transactions of a company, organized by accounts. It is used to track the balances of each account at a specific point in time.

Clarify what the general ledger does not provide: The general ledger does not provide information about the market value of company assets, as it records historical cost rather than fair market value. It also does not include non-financial data, such as a list of employees.

Identify the type of information the general ledger provides: The general ledger contains the balances of all accounts, including assets, liabilities, equity, revenues, and expenses, at a specific point in time. This is achieved through the posting of journal entries to the ledger.

Relate the general ledger to cash on hand: While the general ledger can show the cash account balance, it is not limited to cash alone. It provides the balances for all accounts, not just cash, at a specific point in time.

Conclude the correct answer: Based on the functionality of the general ledger, the correct answer is that it determines the balance of each account at a specific point in time.