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

Who is typically responsible for preparing a social audit for a firm?

The firm's tax accountant

An independent external auditor specializing in social responsibility

The government regulatory agency

The company's marketing department

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Verified step by step guidance

Understand the concept of a social audit: A social audit is a process of evaluating a company's social responsibility performance, including its impact on society, ethical practices, and sustainability efforts.

Identify the role of an independent external auditor: An independent external auditor specializing in social responsibility is typically responsible for preparing a social audit. Their expertise ensures objectivity and credibility in assessing the firm's social impact.

Eliminate incorrect options: The firm's tax accountant focuses on tax-related matters, not social audits. Government regulatory agencies oversee compliance but do not prepare social audits. The company's marketing department promotes the firm's image but does not conduct audits.

Recognize the importance of independence: Social audits require unbiased evaluation, which is why an external auditor is preferred over internal departments like marketing or accounting.

Conclude that the correct answer is: An independent external auditor specializing in social responsibility, as they are equipped to provide an impartial and thorough assessment of the firm's social performance.