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 the most common means of managing risk in accounting?

Implementing internal controls

Delaying financial reporting

Reducing employee salaries

Increasing sales revenue

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Understand the concept of risk management in accounting: Risk management involves identifying, assessing, and mitigating risks that could impact the accuracy and reliability of financial information.

Review the options provided in the question: Implementing internal controls, delaying financial reporting, reducing employee salaries, and increasing sales revenue.

Analyze each option: Internal controls are processes and procedures designed to ensure the integrity of financial reporting, compliance with laws and regulations, and prevention of fraud. Delaying financial reporting, reducing employee salaries, and increasing sales revenue do not directly address risk management in accounting.

Recognize that implementing internal controls is the most common and effective method for managing risk in accounting. Internal controls help detect and prevent errors, fraud, and misstatements in financial records.

Conclude that the correct answer is 'Implementing internal controls' because it directly aligns with the goal of managing risk in accounting practices.