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

Which of the following is NOT one of the six steps in the accounting cycle?

Calculating depreciation expense

Posting to the ledger

Preparing a trial balance

Analyzing transactions

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Verified step by step guidance

Step 1: Understand the accounting cycle, which consists of six key steps: analyzing transactions, journalizing transactions, posting to the ledger, preparing a trial balance, adjusting entries, and preparing financial statements.

Step 2: Review the options provided in the question and identify which one does not align with the six steps of the accounting cycle.

Step 3: Note that 'Calculating depreciation expense' is a specific task related to adjusting entries but is not considered a standalone step in the accounting cycle.

Step 4: Compare the other options ('Posting to the ledger,' 'Preparing a trial balance,' and 'Analyzing transactions') to the six steps of the accounting cycle to confirm they are part of the process.

Step 5: Conclude that the correct answer is the option that does not match the six steps of the accounting cycle, which is 'Calculating depreciation expense.'