Table of contents

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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

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Financial Accounting

1. Introduction to Accounting

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Multiple Choice

U.S. accounting practice is primarily guided by which of the following organizations?

Governmental Accounting Standards Board (GASB)

Securities and Exchange Commission (SEC)

Financial Accounting Standards Board (FASB)

International Accounting Standards Board (IASB)

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Understand the role of each organization mentioned in the problem: GASB, SEC, FASB, and IASB.

Recognize that U.S. accounting practices are primarily guided by Generally Accepted Accounting Principles (GAAP), which are established by a specific organization.

Learn that the Financial Accounting Standards Board (FASB) is the organization responsible for setting GAAP in the United States.

Differentiate FASB from other organizations: GASB focuses on governmental accounting standards, SEC oversees securities markets, and IASB sets international accounting standards.

Conclude that the correct answer is FASB, as it is the primary organization guiding U.S. accounting practices.