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

Which of the following images correctly shows the most complete and accurate general ledger?

Image C: Lists only debit entries for each account, omitting credits.

Image A: Contains all account titles, correct balances, and includes both debit and credit entries for each transaction.

Image B: Shows only account titles and ending balances, without transaction details.

Image D: Displays account titles with random numbers, lacking transaction dates and balances.

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Verified step by step guidance

Understand the purpose of a general ledger: A general ledger is a complete record of all financial transactions for a company, organized by account. It includes both debit and credit entries for each transaction, ensuring the accounting equation (Assets = Liabilities + Equity) remains balanced.

Evaluate the characteristics of a complete and accurate general ledger: It should contain all account titles, transaction details (dates, descriptions, amounts), and both debit and credit entries for each transaction. Additionally, it should show the running balances for each account.

Analyze Image C: This image lists only debit entries for each account, omitting credits. Since a general ledger must include both debit and credit entries to reflect the dual nature of transactions, Image C is incomplete and inaccurate.

Analyze Image B: This image shows only account titles and ending balances, without transaction details. A general ledger must include transaction details to provide a full record of financial activity, making Image B incomplete.

Analyze Image D: This image displays account titles with random numbers, lacking transaction dates and balances. Without proper transaction details and balances, Image D fails to meet the requirements of a complete and accurate general ledger. Therefore, Image A is the correct choice as it contains all account titles, correct balances, and includes both debit and credit entries for each transaction.