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

Independent auditors express an opinion on the:

fairness of the financial statements in accordance with generally accepted accounting principles (GAAP)

future profitability of the company

company's internal management decisions

effectiveness of marketing strategies

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Verified step by step guidance

Understand the role of independent auditors: Independent auditors are professionals who review a company's financial statements to ensure they are accurate and comply with accounting standards.

Clarify the scope of an auditor's opinion: Auditors express an opinion on the fairness of the financial statements, ensuring they are prepared in accordance with generally accepted accounting principles (GAAP). They do not evaluate future profitability, management decisions, or marketing strategies.

Recognize the importance of GAAP: GAAP provides a standardized framework for financial reporting, ensuring consistency and comparability across companies. Auditors assess whether the financial statements adhere to these principles.

Differentiate between financial statement auditing and other evaluations: Auditors focus solely on the financial statements and their compliance with GAAP. They do not provide opinions on operational aspects like marketing strategies or management decisions.

Conclude the auditor's responsibility: The primary responsibility of independent auditors is to provide assurance to stakeholders that the financial statements are free from material misstatements and fairly represent the company's financial position.