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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Struggling with Financial Accounting?

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Multiple Choice

Which of the following statements is true regarding financial accounting as a type of accounting?

Financial accounting is primarily concerned with internal decision-making and management planning.

Financial accounting focuses on providing information to external users such as investors and creditors.

Financial accounting does not require adherence to generally accepted accounting principles (GAAP).

Financial accounting reports are typically confidential and not shared outside the organization.

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Verified step by step guidance

Step 1: Understand the purpose of financial accounting. Financial accounting is a branch of accounting that focuses on preparing financial statements to provide information to external users such as investors, creditors, and regulatory agencies.

Step 2: Clarify the difference between financial accounting and managerial accounting. Financial accounting is concerned with external reporting and must adhere to generally accepted accounting principles (GAAP), while managerial accounting focuses on internal decision-making and planning.

Step 3: Evaluate the statement 'Financial accounting is primarily concerned with internal decision-making and management planning.' This is incorrect because internal decision-making and planning are the focus of managerial accounting, not financial accounting.

Step 4: Assess the statement 'Financial accounting does not require adherence to generally accepted accounting principles (GAAP).' This is incorrect because financial accounting must follow GAAP to ensure consistency and comparability of financial reports.

Step 5: Analyze the statement 'Financial accounting reports are typically confidential and not shared outside the organization.' This is incorrect because financial accounting reports, such as income statements and balance sheets, are intended for external users and are publicly shared in many cases.