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

6. Internal Controls and Reporting Cash

Bank Reconciliation

Financial Accounting

6. Internal Controls and Reporting Cash

Bank Reconciliation

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Struggling with Financial Accounting?

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Multiple Choice

Why is it important to review your checking account statement regularly, and what fees might this help you avoid?

To ensure your account is insured by the FDIC.

To increase the interest rate on your account.

To identify unauthorized transactions and avoid overdraft or maintenance fees.

To automatically qualify for a loan.

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Verified step by step guidance

Understand the purpose of reviewing your checking account statement: Regularly reviewing your statement helps you monitor your financial activity and ensure accuracy in transactions.

Identify unauthorized transactions: By checking your statement, you can spot any transactions that you did not authorize, which could indicate fraud or errors.

Track your account balance: Regular reviews help you keep track of your balance to avoid overdraft fees, which occur when you spend more than what is available in your account.

Monitor maintenance fees: Some accounts may charge monthly maintenance fees if certain conditions (like maintaining a minimum balance) are not met. Reviewing your statement helps you stay aware of these charges.

Ensure compliance with account terms: Regularly reviewing your statement ensures you are meeting the terms of your account agreement, avoiding unnecessary fees and maintaining financial health.