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 true about accounting careers?

Government accounting is only concerned with profit maximization.

Managerial accounting is primarily focused on preparing financial statements for external users.

Public accounting involves providing audit, tax, and consulting services to clients.

Forensic accounting deals exclusively with payroll processing.

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Verified step by step guidance

Step 1: Begin by analyzing each statement provided in the problem to determine its accuracy based on accounting principles and practices.

Step 2: Evaluate the first statement: 'Government accounting is only concerned with profit maximization.' Government accounting typically focuses on accountability, budgeting, and compliance with regulations, not profit maximization. This statement is false.

Step 3: Assess the second statement: 'Managerial accounting is primarily focused on preparing financial statements for external users.' Managerial accounting is focused on providing information to internal users (e.g., managers) for decision-making, not external users. This statement is false.

Step 4: Review the third statement: 'Public accounting involves providing audit, tax, and consulting services to clients.' Public accounting professionals often provide these services, making this statement true.

Step 5: Examine the fourth statement: 'Forensic accounting deals exclusively with payroll processing.' Forensic accounting involves investigating financial discrepancies and fraud, not exclusively payroll processing. This statement is false.