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

Which of the following is considered a planning activity in financial accounting?

Setting organizational goals for the upcoming year

Recording daily sales transactions

Auditing the company's internal controls

Preparing the year-end financial statements

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Understand the concept of planning activities in financial accounting. Planning activities involve setting objectives and strategies for the future, focusing on decision-making and goal-setting rather than recording or auditing past transactions.

Analyze each option provided in the problem to determine whether it aligns with the definition of planning activities.

Option 1: 'Setting organizational goals for the upcoming year' is a forward-looking activity that involves establishing objectives, which is a key characteristic of planning.

Option 2: 'Recording daily sales transactions' is an operational activity focused on documenting past events, not planning for the future.

Option 3: 'Auditing the company's internal controls' and Option 4: 'Preparing the year-end financial statements' are retrospective activities aimed at evaluating or summarizing past performance, not planning.