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

Select the aspect of accounting most closely associated with preparing financial statements for external users such as investors and creditors.

Managerial Accounting

Financial Accounting

Auditing

Tax Accounting

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Verified step by step guidance

Understand the purpose of each accounting type: Managerial Accounting focuses on internal decision-making, Financial Accounting is aimed at external reporting, Auditing ensures accuracy and compliance, and Tax Accounting deals with tax-related matters.

Recognize that financial statements are prepared to provide information to external users such as investors and creditors, which aligns with the purpose of Financial Accounting.

Identify that Managerial Accounting is not suitable for this purpose as it is designed for internal use by management.

Exclude Auditing and Tax Accounting as they do not primarily focus on preparing financial statements for external users.

Conclude that Financial Accounting is the aspect most closely associated with preparing financial statements for external users like investors and creditors.