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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

After a company sets its goals and objectives, the next step in strategic planning is to ________.

record transactions in the general ledger

prepare the financial statements

analyze its current situation and environment

distribute dividends to shareholders

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Verified step by step guidance

Understand the context of strategic planning: Strategic planning involves setting goals and objectives to guide a company’s direction and decision-making process.

Recognize the importance of analyzing the current situation and environment: After setting goals, the company must evaluate its internal and external environment to identify strengths, weaknesses, opportunities, and threats (SWOT analysis).

Differentiate between strategic planning and financial accounting tasks: Recording transactions in the general ledger, preparing financial statements, and distributing dividends are financial accounting tasks, not steps in strategic planning.

Focus on the correct step in strategic planning: Analyzing the current situation and environment helps the company understand market conditions, competition, and internal capabilities, which are crucial for aligning strategies with objectives.

Apply this understanding to similar scenarios: Whenever strategic planning is discussed, remember that analyzing the environment is a foundational step before implementing or evaluating financial actions.