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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Which of the following best describes the primary objective of financial accounting?

To determine the market value of a company's assets

To provide useful financial information to external users for decision making

To assist management in planning and controlling business operations

To ensure compliance with tax regulations

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Verified step by step guidance

Understand the primary objective 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 primarily used by internal users (management) for planning and controlling business operations, whereas financial accounting serves external users.

Recognize that financial accounting does not aim to determine the market value of a company's assets. Instead, it provides standardized financial statements based on historical cost and accounting principles.

Understand that financial accounting is not primarily concerned with ensuring compliance with tax regulations. Tax accounting is a separate field focused on adhering to tax laws and regulations.

Conclude that the correct answer is: 'To provide useful financial information to external users for decision making,' as this aligns with the primary purpose of financial accounting.