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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is a primary responsibility of an individual who holds a checking account?

Reconciling the account regularly to ensure all transactions are accurate

Setting national accounting standards

Auditing the financial records of other account holders

Preparing the company's annual financial statements

Previous problemNext problem

Verified step by step guidance

Understand the context of the question: It is asking about the primary responsibility of an individual who holds a checking account, which is a personal financial tool used for managing day-to-day transactions.

Eliminate irrelevant options: 'Setting national accounting standards' and 'Auditing the financial records of other account holders' are tasks performed by professionals in specific roles, not by individuals managing their own checking accounts.

Consider the purpose of a checking account: It is used to deposit money, make payments, and track transactions. Ensuring the accuracy of these transactions is a key responsibility of the account holder.

Focus on the correct option: 'Reconciling the account regularly to ensure all transactions are accurate' aligns with the responsibility of an account holder to verify that their records match the bank's records, ensuring no errors or unauthorized transactions.

Conclude that preparing a company's annual financial statements is unrelated to personal checking accounts, as it pertains to corporate accounting rather than individual account management.