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

Making the right choices with your money—managing your money—involves knowing how to:

apply principles of personal accounting to track income and expenses

prepare consolidated financial statements for multinational corporations

conduct forensic audits for legal proceedings

calculate depreciation using the double-declining balance method for corporate assets

Previous problemNext problem

Verified step by step guidance

Understand the context of the question: The focus is on managing personal money effectively, which involves principles of personal accounting rather than corporate or forensic accounting.

Clarify the concept of personal accounting: Personal accounting involves tracking income and expenses, budgeting, and ensuring financial stability for individuals or households.

Eliminate irrelevant options: Preparing consolidated financial statements, conducting forensic audits, and calculating depreciation for corporate assets are tasks related to corporate or specialized accounting, not personal money management.

Focus on the correct principle: Applying principles of personal accounting to track income and expenses is the most relevant choice for managing personal money effectively.

Conclude that the correct answer aligns with the goal of managing personal finances, which is to apply personal accounting principles to track income and expenses.