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 is a characteristic of financial accounting?

It emphasizes future projections rather than historical data.

It deals exclusively with tax compliance and preparation.

It is primarily concerned with internal decision-making and management.

It focuses on providing information to external users such as investors and creditors.

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Verified step by step guidance

Understand the purpose of financial accounting: Financial accounting is designed to provide information about a company's financial performance and position to external users, such as investors, creditors, and regulatory agencies.

Differentiate financial accounting from managerial accounting: Managerial accounting focuses on internal decision-making and management, while financial accounting emphasizes external reporting.

Clarify the emphasis of financial accounting: Financial accounting relies on historical data, such as past transactions and financial statements, rather than future projections.

Recognize the scope of financial accounting: Financial accounting does not deal exclusively with tax compliance and preparation; it encompasses broader reporting requirements, including balance sheets, income statements, and cash flow statements.

Conclude the characteristic of financial accounting: The key characteristic is its focus on providing accurate and standardized financial information to external users for decision-making purposes.