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

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

Which of the following statements is true regarding business ethics?

Business ethics is not relevant if a company is following all legal requirements.

Business ethics only applies to financial reporting and not to other business activities.

Business ethics involves applying moral principles to business situations and decisions.

Business ethics is solely the responsibility of top management and not employees.

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Verified step by step guidance

Understand the concept of business ethics: Business ethics refers to the application of moral principles and values to business situations and decisions. It goes beyond legal compliance and encompasses ethical behavior in all aspects of business operations.

Evaluate the first statement: 'Business ethics is not relevant if a company is following all legal requirements.' This is incorrect because ethical behavior often involves considerations beyond legal compliance, such as fairness, transparency, and social responsibility.

Evaluate the second statement: 'Business ethics only applies to financial reporting and not to other business activities.' This is incorrect because business ethics applies to all areas of business, including marketing, operations, human resources, and customer relations.

Evaluate the third statement: 'Business ethics involves applying moral principles to business situations and decisions.' This is correct because it accurately describes the essence of business ethics.

Evaluate the fourth statement: 'Business ethics is solely the responsibility of top management and not employees.' This is incorrect because ethical behavior is the responsibility of everyone in the organization, not just top management.