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

In the context of accounting, 'portfolio tests' refer to:

Testing the accuracy of individual journal entries in the general ledger.

Evaluating a group of assets or investments collectively to determine their overall performance or compliance with accounting standards.

Analyzing the tax implications of a single transaction.

Assessing the effectiveness of internal controls over cash management.

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Verified step by step guidance

Understand the term 'portfolio tests' in the context of accounting. It refers to evaluating a group of assets or investments collectively rather than individually.

Recognize that the purpose of portfolio tests is to determine the overall performance or compliance of the group of assets with accounting standards.

Eliminate options that do not align with the definition of portfolio tests. For example, testing individual journal entries or analyzing a single transaction does not involve evaluating a group collectively.

Consider the context of the remaining options. Portfolio tests are not typically used to assess internal controls over cash management, as this is a separate area of accounting.

Conclude that the correct interpretation of 'portfolio tests' is evaluating a group of assets or investments collectively to determine their overall performance or compliance with accounting standards.