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

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

After defining the business mission, what is typically the next step in the process of organizing a business?

Conducting a SWOT analysis to assess strengths, weaknesses, opportunities, and threats

Issuing shares of stock to the public

Calculating depreciation expense for fixed assets

Preparing the statement of cash flows

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Verified step by step guidance

Step 1: Understand the concept of organizing a business. This process involves setting up the structure and strategy for the business to operate effectively and achieve its goals.

Step 2: Recognize that after defining the business mission, the next logical step is to evaluate the internal and external factors that could impact the business. This is typically done through a SWOT analysis.

Step 3: Learn what a SWOT analysis entails. It is a strategic planning tool used to identify Strengths (internal advantages), Weaknesses (internal disadvantages), Opportunities (external factors that could benefit the business), and Threats (external factors that could harm the business).

Step 4: Understand why issuing shares of stock, calculating depreciation expense, or preparing the statement of cash flows are not the immediate next steps. These are specific financial activities that occur later in the business lifecycle or during financial reporting.

Step 5: Conclude that conducting a SWOT analysis is the next step after defining the business mission, as it helps the business align its strategy with its internal capabilities and external environment.