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

Which of the following financial goals is most useful for developing a financial plan?

A goal that depends on winning the lottery.

A goal with no deadline such as 'Save money for retirement.'

A specific, measurable, and time-bound goal such as 'Save $10,000 for a down payment on a house within 3 years.'

A vague goal such as 'Become rich someday.'

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Verified step by step guidance

Understand the concept of SMART goals in financial planning: Specific, Measurable, Achievable, Relevant, and Time-bound goals are essential for effective financial planning.

Analyze why a goal depending on winning the lottery is not practical: It is based on chance and lacks control, making it unsuitable for a financial plan.

Evaluate the goal 'Save money for retirement': While it is relevant, it lacks specificity and a deadline, making it difficult to measure progress or achieve effectively.

Consider the goal 'Save $10,000 for a down payment on a house within 3 years': This goal is specific (amount and purpose), measurable (progress can be tracked), achievable (realistic target), relevant (aligned with financial priorities), and time-bound (clear deadline).

Understand why vague goals like 'Become rich someday' are ineffective: They lack clarity, measurability, and a timeline, making it impossible to create actionable steps or track progress.