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 must be disclosed regarding asset transfers under financial accounting standards?

The names of all employees involved in the transfer

The method used to value the transferred assets

The nature and amount of each asset transferred

The market share of the company after the transfer

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Verified step by step guidance

Understand the context of asset transfers: Asset transfers involve the movement of assets from one entity to another, and financial accounting standards require specific disclosures to ensure transparency and compliance.

Identify the required disclosures: Financial accounting standards typically mandate the disclosure of the method used to value the transferred assets and the nature and amount of each asset transferred. These disclosures provide clarity on how the assets were valued and the specifics of the assets involved.

Exclude irrelevant information: The names of employees involved in the transfer and the market share of the company after the transfer are not required disclosures under financial accounting standards. Focus only on the mandated disclosures.

Explain the valuation method: The method used to value the transferred assets must be disclosed to ensure stakeholders understand the basis for the asset valuation, such as fair value, historical cost, or another valuation method.

Detail the nature and amount of assets: The nature (type or category) and amount (quantity or monetary value) of each asset transferred must be disclosed to provide a clear picture of the transaction's impact on the financial statements.