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 are the two crucial elements of a company's business model?

Assets and liabilities

Debits and credits

Revenues and expenses

Value proposition and profit formula

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Verified step by step guidance

Understand the concept of a business model: A business model outlines how a company creates, delivers, and captures value. It is a framework for understanding the company's strategy and operations.

Identify the two crucial elements of a business model: The value proposition and the profit formula. These elements are essential for explaining how a company generates value for customers and achieves profitability.

Define the value proposition: This refers to the unique benefits or solutions a company offers to its customers, addressing their needs and differentiating the company from competitors.

Define the profit formula: This explains how the company generates profit, including its revenue model, cost structure, and margin strategy. It ensures the business is financially sustainable.

Recognize why assets, liabilities, debits, credits, revenues, and expenses are not the correct answer: These are accounting terms used to record and analyze financial transactions, but they do not directly describe the strategic framework of a business model.