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

An independent audit adds value to the communication of financial information because the audit:

Guarantees the profitability of the company

Provides assurance that the financial statements are free from material misstatement

Ensures that all company operations are efficient

Eliminates the need for internal controls

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Verified step by step guidance

Understand the purpose of an independent audit: An independent audit is conducted by external auditors to provide an objective evaluation of a company's financial statements.

Clarify the concept of 'material misstatement': Material misstatement refers to errors or omissions in financial statements that could influence the decision-making of users relying on those statements.

Recognize the role of an audit in providing assurance: The primary goal of an independent audit is to provide reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error.

Differentiate between audit objectives and other functions: An audit does not guarantee profitability, ensure operational efficiency, or eliminate the need for internal controls. These are separate aspects of business management and governance.

Conclude the value of an audit: The audit adds value by enhancing the credibility and reliability of financial information, which is crucial for stakeholders such as investors, creditors, and regulators.