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

3. Accrual Accounting Concepts

Summary of Adjusting Entries

Financial Accounting

3. Accrual Accounting Concepts

Summary of Adjusting Entries

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Multiple Choice

A summary of significant accounting policies includes information regarding:

The projected future cash flows of the company

The methods used for inventory valuation and depreciation

The detailed listing of all company assets

The names of all company shareholders

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Verified step by step guidance

Understand the purpose of the summary of significant accounting policies: It is a section in the financial statements that provides information about the accounting methods and principles a company uses to prepare its financial statements.

Recognize that this section does not include projections of future cash flows, as these are forward-looking and not part of the accounting policies.

Note that the detailed listing of all company assets is part of the balance sheet, not the summary of accounting policies.

Understand that the names of company shareholders are not relevant to accounting policies and are typically disclosed in other sections, such as corporate governance or shareholder reports.

Identify that the correct information included in the summary of significant accounting policies pertains to methods used for inventory valuation (e.g., FIFO, LIFO, weighted average) and depreciation (e.g., straight-line, declining balance), as these are fundamental accounting practices that impact financial reporting.