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 considered a personal financial decision?

Preparing a company's balance sheet

Calculating depreciation for business equipment

Choosing a retirement savings plan

Auditing a corporation's financial statements

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Verified step by step guidance

Understand the distinction between personal financial decisions and business financial decisions. Personal financial decisions involve managing an individual's finances, while business financial decisions pertain to managing a company's finances.

Review the options provided in the problem. Preparing a company's balance sheet, calculating depreciation for business equipment, and auditing a corporation's financial statements are all tasks related to business financial decisions.

Recognize that choosing a retirement savings plan is a decision that directly impacts an individual's personal financial future, making it a personal financial decision.

Consider the purpose of a retirement savings plan, which is to ensure financial security for an individual after they stop working. This aligns with personal financial planning.

Conclude that the correct answer is 'Choosing a retirement savings plan,' as it is the only option that pertains to personal financial decision-making.