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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is a primary goal of financial accounting?

To ensure compliance with internal company policies

To assist management in planning and controlling operations

To calculate and report income taxes owed to the government

To provide information useful for external decision makers such as investors and creditors

Previous problemNext problem

Verified step by step guidance

Understand the purpose of financial accounting: Financial accounting focuses on providing information to external users, such as investors, creditors, and regulatory agencies, to help them make informed decisions.

Differentiate financial accounting from managerial accounting: Managerial accounting is designed for internal users, such as management, to assist in planning and controlling operations, while financial accounting is for external users.

Eliminate incorrect options: The goal of financial accounting is not to ensure compliance with internal company policies (this is more related to internal controls) or to calculate and report income taxes owed to the government (this is a function of tax accounting).

Focus on the correct purpose: Financial accounting aims to provide standardized and reliable financial information, such as financial statements, to external decision-makers.

Conclude that the primary goal of financial accounting is to provide information useful for external decision makers, such as investors and creditors, as this aligns with its core purpose.