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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Why is it important to maintain a file of both paper and electronic financial records?

Because electronic records are always more secure than paper records.

Because financial regulations require only paper records to be kept.

To ensure records are accessible in case one format is lost or becomes inaccessible.

To reduce the need for regular backups of financial data.

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Verified step by step guidance

Understand the importance of maintaining financial records: Financial records are essential for tracking transactions, ensuring compliance with regulations, and making informed business decisions.

Recognize the limitations of each format: Paper records can be lost due to physical damage (e.g., fire, water) or misplacement, while electronic records can become inaccessible due to technical issues (e.g., system crashes, cyberattacks).

Learn the benefits of redundancy: Keeping both paper and electronic records ensures that if one format becomes inaccessible, the other can serve as a backup, providing continuity and security.

Consider accessibility: Maintaining records in multiple formats ensures that they are accessible to different stakeholders, such as auditors or regulatory bodies, who may prefer one format over the other.

Understand compliance and best practices: While financial regulations may not mandate both formats, maintaining dual records is a proactive approach to safeguarding financial data and ensuring long-term accessibility.