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

All of the following statements about bank accounts are true except:

Bank accounts are used to record cash transactions for a business.

Bank accounts can be reconciled with the company's cash records.

Bank accounts are classified as a type of liability on the balance sheet.

Bank accounts may include checking, savings, and money market accounts.

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Verified step by step guidance

Step 1: Understand the role of bank accounts in financial accounting. Bank accounts are used to record cash transactions for a business, which helps track inflows and outflows of cash.

Step 2: Recognize the importance of reconciling bank accounts. Bank accounts can be reconciled with the company's cash records to ensure accuracy and identify discrepancies between the bank statement and the company's books.

Step 3: Clarify the classification of bank accounts on the balance sheet. Bank accounts are not classified as liabilities; they are typically classified as assets because they represent resources owned by the business.

Step 4: Identify the types of bank accounts commonly used by businesses. Bank accounts may include checking, savings, and money market accounts, which serve different purposes for managing cash.

Step 5: Review the statements provided in the problem and determine which one is incorrect based on the explanations above. The incorrect statement is the one that classifies bank accounts as liabilities on the balance sheet.