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

Which of the following is an example of an individual financial conflict of interest (COI) in accounting?

A business preparing consolidated financial statements

A company using the accrual basis of accounting

An auditor following Generally Accepted Accounting Principles (GAAP)

An accountant auditing a company in which they own shares

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Verified step by step guidance

Understand the concept of a financial conflict of interest (COI) in accounting. A COI occurs when an individual's personal financial interests could compromise their professional judgment or objectivity.

Review the options provided in the problem. Each option represents a scenario in accounting, and the goal is to identify which one involves a COI.

Analyze the first option: 'A business preparing consolidated financial statements.' This is a standard accounting practice and does not inherently involve a COI.

Analyze the second option: 'A company using the accrual basis of accounting.' This is a widely accepted accounting method and does not involve a COI.

Analyze the fourth option: 'An accountant auditing a company in which they own shares.' Owning shares in a company being audited creates a direct financial interest, which could compromise the accountant's objectivity. This is an example of a financial conflict of interest.