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 of the following could be considered both a long-term goal and a financial goal?

Saving for retirement

Completing a daily sales report

Paying this month's utility bill

Balancing a checkbook at the end of the week

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Verified step by step guidance

Understand the concept of long-term goals: These are objectives that are planned to be achieved over an extended period, typically years or decades. Financial goals are specific monetary objectives that align with personal or business financial planning.

Analyze each option provided in the problem to determine if it fits the criteria of both a long-term goal and a financial goal.

Option 1: 'Saving for retirement' is a long-term goal because it spans many years and involves financial planning to accumulate sufficient funds for post-retirement life.

Option 2: 'Completing a daily sales report' is not a long-term goal, as it is a short-term task completed daily and does not involve financial planning for the future.

Option 3: 'Paying this month's utility bill' and Option 4: 'Balancing a checkbook at the end of the week' are short-term financial tasks, not long-term goals. Therefore, they do not meet the criteria of being both a long-term goal and a financial goal.