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 primary management responsibility includes the process of creating budgets?

Controlling

Directing

Auditing

Planning

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Understand the primary management responsibilities: Planning, Directing, Controlling, and Auditing.

Recognize that Planning involves setting goals and objectives for the organization and determining the resources and actions needed to achieve them.

Identify that creating budgets is a forward-looking activity that helps allocate resources effectively to meet organizational goals, which aligns with the Planning responsibility.

Differentiate Planning from other responsibilities: Controlling focuses on monitoring and adjusting operations, Directing involves leading and managing day-to-day activities, and Auditing ensures compliance and accuracy in financial reporting.

Conclude that the process of creating budgets falls under the Planning responsibility because it is a proactive step in preparing for future financial needs and organizational goals.