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 type of accounting is most appropriate for reporting a company's financial position to external stakeholders such as investors and creditors?

Managerial Accounting

Tax Accounting

Financial Accounting

Cost Accounting

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Verified step by step guidance

Understand the purpose of each type of accounting: Managerial Accounting focuses on internal decision-making, Tax Accounting deals with compliance with tax laws, Cost Accounting analyzes costs for operational efficiency, and Financial Accounting is designed to provide financial information to external stakeholders.

Recognize the needs of external stakeholders such as investors and creditors. They require standardized, transparent, and reliable financial information to assess the company's financial health and make informed decisions.

Learn that Financial Accounting adheres to established frameworks like Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), ensuring consistency and comparability of financial reports.

Identify the primary outputs of Financial Accounting, such as the balance sheet, income statement, and cash flow statement, which are essential for evaluating a company's financial position and performance.

Conclude that Financial Accounting is the most appropriate type of accounting for reporting a company's financial position to external stakeholders, as it is specifically designed to meet their informational needs.