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 organizations can use financial statements?

Government agencies only

Corporations

Nonprofit organizations only

Individuals only

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Verified step by step guidance

Understand the purpose of financial statements: Financial statements are formal records of the financial activities and position of an entity. They are used to provide information about the financial performance and condition of an organization to various stakeholders.

Identify the types of entities that use financial statements: Financial statements are not limited to a single type of organization. They are used by corporations, nonprofit organizations, government agencies, and even individuals for various purposes such as decision-making, compliance, and financial planning.

Clarify the role of corporations: Corporations use financial statements to report their financial performance to shareholders, investors, and regulatory bodies. This is essential for transparency and accountability.

Explain the role of nonprofit organizations: Nonprofit organizations use financial statements to demonstrate how funds are being utilized and to ensure compliance with donor restrictions and legal requirements.

Highlight the role of government agencies and individuals: Government agencies use financial statements for budgeting and policy-making, while individuals may use them for personal financial planning or evaluating investment opportunities.