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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

Which of the following lists the steps of the accounting cycle in the correct order?

1. Journalize, 2. Analyze transactions, 3. Post to ledger, 4. Prepare trial balance, 5. Prepare financial statements, 6. Adjust entries, 7. Close the books

1. Post to ledger, 2. Journalize, 3. Analyze transactions, 4. Prepare trial balance, 5. Adjust entries, 6. Close the books, 7. Prepare financial statements

1. Analyze transactions, 2. Journalize, 3. Post to ledger, 4. Prepare trial balance, 5. Adjust entries, 6. Prepare financial statements, 7. Close the books

1. Prepare financial statements, 2. Adjust entries, 3. Post to ledger, 4. Journalize, 5. Analyze transactions, 6. Prepare trial balance, 7. Close the books

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Verified step by step guidance

Step 1: Understand the accounting cycle, which is a series of steps followed to record, classify, summarize, and report financial transactions systematically.

Step 2: Begin with the first step of the cycle, 'Analyze transactions,' where you review source documents (e.g., invoices, receipts) to determine the nature of the transaction and its impact on accounts.

Step 3: Proceed to 'Journalize,' where transactions are recorded in the journal using the double-entry accounting system, ensuring debits equal credits.

Step 4: Move to 'Post to ledger,' where journal entries are transferred to individual accounts in the ledger to organize data by account type.

Step 5: Continue with 'Prepare trial balance,' 'Adjust entries,' 'Prepare financial statements,' and finally 'Close the books,' ensuring all steps are completed in the correct order as outlined in the problem.