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 is NOT a primary role of an independent auditor?

Evaluating the effectiveness of internal controls

Providing reasonable assurance that financial statements are free from material misstatement

Detecting and preventing all instances of fraud within a company

Expressing an opinion on the fairness of financial statements

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Verified step by step guidance

Understand the role of an independent auditor: An independent auditor is responsible for evaluating financial statements to ensure they are prepared in accordance with applicable accounting standards and provide reasonable assurance that they are free from material misstatement.

Clarify the concept of internal controls: Independent auditors assess the effectiveness of a company's internal controls as part of their audit process. This helps ensure that financial reporting is reliable and accurate.

Explain the concept of reasonable assurance: Auditors provide reasonable assurance, not absolute assurance, that financial statements are free from material misstatement. This means they use professional judgment and audit procedures to identify significant errors or fraud, but they cannot guarantee perfection.

Highlight the limitations of an auditor's role: Detecting and preventing all instances of fraud is not a primary role of an independent auditor. While auditors may identify fraud during their work, their focus is on material misstatements and the fairness of financial statements, not exhaustive fraud detection.

Summarize the primary role of an auditor: The auditor's main responsibility is to express an opinion on the fairness of financial statements, ensuring they accurately reflect the company's financial position and performance in accordance with accounting standards.