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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Which of the following allows greater reliance by investors on reported financial statements?

Use of non-GAAP accounting methods

Preparation of statements by internal management only

An independent audit by a certified public accountant

Omission of footnotes and disclosures

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Verified step by step guidance

Understand the concept of reliability in financial statements: Reliability refers to the degree to which financial information is accurate, complete, and free from bias, allowing investors to make informed decisions.

Recognize the role of GAAP (Generally Accepted Accounting Principles): GAAP ensures consistency and comparability in financial reporting, which enhances reliability. Non-GAAP methods may lack standardization and reduce reliability.

Evaluate the importance of independence in audits: An independent audit by a certified public accountant (CPA) provides assurance that the financial statements are free from material misstatements and comply with accounting standards, increasing investor confidence.

Consider the role of footnotes and disclosures: Footnotes and disclosures provide additional context and details about the financial statements, enhancing transparency and reliability for investors.

Analyze the preparation of statements by internal management: While internal management prepares financial statements, reliance solely on their preparation without external verification may introduce bias or errors, reducing reliability for investors.