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 directly concerned with applying the accounting number format, such as using the dollar sign and two decimal places, to financial statements?

Cost Accounting

Tax Accounting

Managerial Accounting

Financial Accounting

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Verified step by step guidance

Understand the purpose of Financial Accounting: It is primarily concerned with preparing financial statements that provide information about a company's financial performance and position to external users, such as investors, creditors, and regulatory agencies.

Recognize the importance of formatting in Financial Accounting: Financial statements must adhere to standardized formats, including the use of accounting number formats like dollar signs, two decimal places, and other conventions to ensure clarity and consistency.

Compare Financial Accounting with other types of accounting: Cost Accounting focuses on internal cost management, Tax Accounting deals with compliance and tax-related matters, and Managerial Accounting supports internal decision-making. None of these are primarily concerned with formatting financial statements for external users.

Identify the role of Financial Accounting in applying the accounting number format: Financial Accounting ensures that financial statements are presented in a standardized and professional manner, which includes applying the dollar sign and two decimal places.

Conclude that Financial Accounting is the type of accounting most directly concerned with applying the accounting number format to financial statements, as it is designed to communicate financial information effectively to external stakeholders.