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 sets of characteristics best help identify a business opportunity?

Market demand, profitability, and feasibility

Double-entry system, accrual basis, and periodicity

Historical cost, matching principle, and conservatism

Materiality, consistency, and objectivity

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Verified step by step guidance

Understand the context of the question: The problem is asking which set of characteristics best identifies a business opportunity. This requires analyzing the options provided and determining which characteristics align with identifying and evaluating business opportunities.

Analyze the first option: 'Market demand, profitability, and feasibility.' These characteristics are directly related to assessing a business opportunity. Market demand indicates the need for a product or service, profitability assesses the potential financial gain, and feasibility evaluates whether the opportunity is practical and achievable.

Evaluate the second option: 'Double-entry system, accrual basis, and periodicity.' These are accounting principles and methods used for recording and reporting financial transactions. While important for financial accounting, they do not directly help identify a business opportunity.

Examine the third option: 'Historical cost, matching principle, and conservatism.' These are accounting concepts used for valuing assets, matching expenses to revenues, and ensuring cautious financial reporting. They are not directly related to identifying business opportunities.

Review the fourth option: 'Materiality, consistency, and objectivity.' These are principles of accounting that ensure accurate and reliable financial reporting. While they are important for financial decision-making, they do not specifically help identify a business opportunity.