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 a job function of the controller?

Auditing the company's financial records as an external party

Managing the company's investment portfolio

Preparing financial statements for external reporting

Setting tax policy for the government

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Verified step by step guidance

Understand the role of a controller in financial accounting. A controller is responsible for overseeing the accounting operations of a company, ensuring accurate financial reporting, and compliance with accounting standards.

Review the job functions listed in the problem. The controller's primary responsibilities typically include preparing financial statements, managing internal controls, and ensuring compliance with regulations.

Eliminate options that do not align with the controller's role. For example, auditing the company's financial records as an external party is the role of an external auditor, not the controller.

Consider the option 'Managing the company's investment portfolio.' This is typically the responsibility of a financial manager or investment manager, not the controller.

Identify the correct answer: 'Preparing financial statements for external reporting.' This is a core function of the controller, as they ensure the company's financial statements are accurate and ready for external stakeholders.