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 would be considered an assurance engagement?

An independent audit of a company's financial statements

Bookkeeping services for a small business

Providing management consulting on business strategy

Preparation of a company's tax return

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Understand the concept of an assurance engagement: Assurance engagements are professional services provided by accountants or auditors to improve the reliability of information for decision-makers. The most common example is an independent audit of financial statements.

Analyze the options provided in the problem: Each option represents a different type of service. Determine which one aligns with the definition of an assurance engagement.

Option 1: 'An independent audit of a company's financial statements' - This involves verifying the accuracy and reliability of financial statements, which is a core example of an assurance engagement.

Option 2: 'Bookkeeping services for a small business' - Bookkeeping involves recording financial transactions but does not provide assurance on the reliability of the information.

Option 3: 'Providing management consulting on business strategy' and Option 4: 'Preparation of a company's tax return' - Both are advisory or compliance services, not assurance engagements, as they do not involve improving the reliability of information for decision-makers.