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 the dominant approach for budgeting used today?

Incremental budgeting

Zero-based budgeting

Activity-based budgeting

Flexible budgeting

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Verified step by step guidance

Understand the concept of budgeting: Budgeting is the process of creating a financial plan for an organization, outlining expected revenues and expenditures over a specific period.

Learn about the dominant approach for budgeting: Incremental budgeting is widely used today. It involves using the previous period's budget as a base and making adjustments for the new period, such as adding or subtracting amounts based on expected changes.

Compare incremental budgeting with other approaches: Zero-based budgeting requires starting from scratch and justifying all expenses, activity-based budgeting focuses on activities driving costs, and flexible budgeting adjusts budgets based on actual activity levels.

Recognize the advantages of incremental budgeting: It is simple, time-efficient, and provides stability by building on past budgets, making it the dominant approach in practice.

Understand the limitations of incremental budgeting: While dominant, it may overlook inefficiencies or fail to adapt to significant changes, which is why other approaches like zero-based or activity-based budgeting are sometimes used in specific scenarios.