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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following best describes the effect of applying the accounting number format with 0 digits after the decimal to cells B4:E6 in a spreadsheet?

Numbers in B4:E6 will be rounded to the nearest whole number without any currency symbol.

Numbers in B4:E6 will be displayed as percentages with no decimal places.

Numbers in B4:E6 will be displayed with a currency symbol, aligned to the left, and no decimal places.

Numbers in B4:E6 will be displayed with a currency symbol, aligned to the right, and no decimal places.

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Verified step by step guidance

Step 1: Understand the accounting number format. The accounting number format is used in spreadsheets to display numbers with a currency symbol, aligned to the right, and typically includes two decimal places by default.

Step 2: Analyze the effect of setting 0 digits after the decimal. When the decimal places are set to 0, the numbers are rounded to the nearest whole number, removing any fractional values.

Step 3: Consider the alignment of the numbers. In the accounting format, numbers are aligned to the right, while the currency symbol is aligned to the left of the cell.

Step 4: Compare the options provided in the problem. Eliminate incorrect options based on the characteristics of the accounting number format, such as alignment and the presence of a currency symbol.

Step 5: Confirm the correct description. The correct answer is that numbers in B4:E6 will be displayed with a currency symbol, aligned to the right, and no decimal places, as this matches the behavior of the accounting number format with 0 digits after the decimal.