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 an expressed financial power of Congress under the U.S. Constitution?

Regulate the issuance of stock by public companies

Audit the financial statements of corporations

Levy and collect taxes

Set accounting standards for private companies

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Verified step by step guidance

Understand the context of the question: The problem is asking about the expressed financial powers of Congress under the U.S. Constitution. Expressed powers are those explicitly stated in the Constitution.

Review the options provided: The options include regulating stock issuance, auditing corporate financial statements, levying and collecting taxes, and setting accounting standards for private companies.

Identify the correct financial power: The U.S. Constitution explicitly grants Congress the power to levy and collect taxes under Article I, Section 8. This is an expressed financial power.

Eliminate incorrect options: Regulating stock issuance, auditing corporate financial statements, and setting accounting standards for private companies are not explicitly stated as powers of Congress in the Constitution. These are typically handled by other entities like the SEC or FASB.

Conclude the reasoning: The correct answer is 'Levy and collect taxes,' as it is an expressed financial power explicitly granted to Congress by the U.S. Constitution.