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

How might Costco’s mission statement and code of ethics impact their business practices?

They limit the company to only financial accounting practices, excluding managerial or cost accounting.

They require the company to focus solely on maximizing short-term profits, regardless of ethical considerations.

They encourage ethical sourcing and fair treatment of employees, which can enhance the company's reputation and customer loyalty.

They mandate that the company avoid all forms of external financial reporting.

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Verified step by step guidance

Understand the role of a mission statement and code of ethics in guiding a company's business practices. These documents typically outline the company's values, goals, and ethical standards, which influence decision-making and operations.

Analyze how ethical sourcing and fair treatment of employees align with Costco's mission statement and code of ethics. Ethical sourcing involves obtaining goods in a responsible and sustainable manner, while fair treatment of employees ensures a positive work environment.

Consider the impact of ethical practices on the company's reputation. Ethical sourcing and fair treatment of employees can enhance customer loyalty and attract socially conscious consumers, which may lead to long-term financial benefits.

Evaluate how these practices differ from focusing solely on short-term profits or avoiding external financial reporting. Ethical practices prioritize sustainability and stakeholder relationships over immediate financial gains.

Conclude that Costco's mission statement and code of ethics likely encourage ethical business practices, such as ethical sourcing and fair treatment of employees, which contribute to the company's overall success and positive public image.