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 accounting organizations require their members to comply with a code of ethical conduct?

Internal Revenue Service (IRS)

American Institute of Certified Public Accountants (AICPA)

Financial Accounting Standards Board (FASB)

Securities and Exchange Commission (SEC)

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Verified step by step guidance

Understand the role of each organization mentioned in the problem: IRS, AICPA, FASB, and SEC. Research their primary functions and whether they enforce ethical conduct codes for their members.

Focus on the American Institute of Certified Public Accountants (AICPA). Learn that it is a professional organization for Certified Public Accountants (CPAs) and requires its members to adhere to a strict Code of Professional Conduct.

Compare the AICPA's ethical requirements with the other organizations listed. Note that the IRS, FASB, and SEC are regulatory or standard-setting bodies, not professional membership organizations, and do not enforce a code of ethical conduct for members.

Conclude that the AICPA is the correct answer because it explicitly requires its members to comply with a code of ethical conduct.

Review the importance of ethical conduct in accounting and how professional organizations like the AICPA uphold integrity and trust in the profession.