Table of contents

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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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

Which of the following best describes a plan in which an individual balances available resources and expenses?

Journal Entry

Budget

Ledger

Trial Balance

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Verified step by step guidance

Understand the concept of a budget: A budget is a financial plan that helps an individual or organization allocate available resources to cover expenses and achieve financial goals.

Compare the given options: Journal Entry, Ledger, Trial Balance, and Budget. Each term has a specific meaning in financial accounting.

Recognize that a Journal Entry is a record of financial transactions in the accounting system, not a plan for balancing resources and expenses.

Understand that a Ledger is a collection of accounts showing the changes in financial position, but it does not involve planning resources and expenses.

Note that a Trial Balance is a summary of all ledger accounts to ensure debits equal credits, whereas a Budget specifically involves planning and balancing resources and expenses.