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

Which of the following is a legal and ethical business practice?

Falsifying financial statements to attract investors

Accurately reporting all financial transactions in accordance with accounting standards

Bribing officials to secure business contracts

Engaging in insider trading based on confidential information

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Verified step by step guidance

Understand the concept of legal and ethical business practices: These are actions that comply with laws, regulations, and ethical standards, ensuring transparency, fairness, and integrity in business operations.

Review the options provided in the problem: Analyze each option to determine whether it aligns with legal and ethical standards in financial accounting and business practices.

Option 1: Falsifying financial statements to attract investors is illegal and unethical as it violates accounting standards and misleads stakeholders.

Option 2: Accurately reporting all financial transactions in accordance with accounting standards is both legal and ethical, as it ensures transparency and compliance with regulations.

Option 3 and Option 4: Bribing officials and engaging in insider trading are both illegal and unethical practices that violate laws and ethical guidelines in business.