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

The administration of assets refers to decisions about:

how to record revenues and expenses in the income statement

how to determine the amount of taxes owed to the government

how to acquire, use, and dispose of a company's resources

how to allocate profits among shareholders

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Verified step by step guidance

Understand the concept of 'administration of assets' in Financial Accounting. It refers to the management of a company's resources, including acquisition, utilization, and disposal, rather than recording revenues and expenses or determining taxes owed.

Clarify that recording revenues and expenses in the income statement is part of financial reporting, not asset administration.

Recognize that determining the amount of taxes owed to the government falls under tax accounting, which is separate from asset administration.

Note that allocating profits among shareholders pertains to equity management and dividend decisions, not asset administration.

Conclude that the administration of assets focuses on decisions about how to acquire, use, and dispose of a company's resources effectively to maximize operational efficiency and financial performance.