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

Emergency operating records and legal and financial rights records are considered which type of accounting records?

Temporary records

Essential records

Non-essential records

Historical records

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Verified step by step guidance

Understand the context of the question: The problem is asking about the classification of accounting records based on their importance and purpose. Specifically, it focuses on 'emergency operating records' and 'legal and financial rights records.'

Review the definitions of the options provided: (1) Temporary records are short-term and not critical for long-term operations. (2) Essential records are critical for the continuity of operations and legal/financial rights. (3) Non-essential records are not crucial for operations or legal purposes. (4) Historical records are preserved for their long-term informational or archival value.

Analyze the characteristics of 'emergency operating records' and 'legal and financial rights records': Emergency operating records are vital for ensuring the organization can continue operations during emergencies. Legal and financial rights records are crucial for protecting the organization's legal and financial interests.

Match the characteristics of these records to the correct classification: Based on their critical nature for operations and legal/financial protection, these records align with the definition of 'Essential records.'

Conclude that the correct classification for 'emergency operating records' and 'legal and financial rights records' is 'Essential records,' as they are indispensable for the organization's continuity and legal/financial safeguarding.