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

What is the main distinguishing factor between accountants and bookkeepers?

Accountants analyze and interpret financial data, while bookkeepers primarily record financial transactions.

Bookkeepers create financial statements, while accountants only enter data into ledgers.

Accountants only work with cash transactions, while bookkeepers handle accrual accounting.

Bookkeepers are responsible for preparing tax returns, while accountants only handle payroll.

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Verified step by step guidance

Understand the roles of accountants and bookkeepers: Accountants focus on analyzing, interpreting, and providing insights from financial data, while bookkeepers primarily record and organize financial transactions.

Recognize the primary tasks of bookkeepers: Bookkeepers are responsible for maintaining accurate records of financial transactions, such as entering data into ledgers and ensuring the books are balanced.

Identify the responsibilities of accountants: Accountants use the data recorded by bookkeepers to prepare financial statements, analyze trends, and provide strategic advice to businesses.

Clarify the distinction in scope: Accountants typically handle more complex tasks, such as preparing tax returns, conducting audits, and advising on financial planning, whereas bookkeepers focus on day-to-day transaction recording.

Review the incorrect options: Bookkeepers do not create financial statements (accountants do), accountants handle both cash and accrual accounting, and bookkeepers do not prepare tax returns (accountants do).