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

________ is a measure of a brand's value to the company that owns it.

Inventory

Goodwill

Amortization

Depreciation

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Understand the concept of 'Goodwill': Goodwill is an intangible asset that represents the value of a company's brand, customer relationships, reputation, and other non-physical assets that contribute to its earning potential.

Differentiate between the options provided: Inventory refers to physical goods available for sale, Amortization is the gradual reduction of intangible asset value over time, and Depreciation is the reduction of tangible asset value over time.

Recognize that 'Goodwill' is the correct term for the measure of a brand's value to the company that owns it, as it captures the intangible benefits associated with the brand.

Note that Goodwill is typically recorded on the balance sheet when a company acquires another business and pays more than the fair value of its net assets.

Understand that Goodwill is not amortized under current accounting standards but is tested annually for impairment to ensure its value is accurately reflected.