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 are considered inputs to the accounting system?

Source documents such as invoices and receipts

Auditor's opinion reports

Financial statements like the balance sheet

Annual shareholder meetings

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Verified step by step guidance

Understand the concept of inputs to the accounting system: Inputs are the raw data or information that the accounting system uses to record, classify, and summarize financial transactions. These inputs are typically derived from source documents that provide evidence of transactions.

Identify the role of source documents: Source documents, such as invoices and receipts, are primary inputs to the accounting system. They serve as proof of transactions and provide the necessary details for recording entries in the accounting system.

Clarify the role of auditor's opinion reports: Auditor's opinion reports are not inputs to the accounting system. Instead, they are outputs that provide an independent assessment of the financial statements' accuracy and compliance with accounting standards.

Explain the role of financial statements: Financial statements, such as the balance sheet, are outputs of the accounting system. They summarize the financial data processed by the system and present it in a structured format for stakeholders.

Discuss annual shareholder meetings: Annual shareholder meetings are events where stakeholders review the company's performance and financial statements. These meetings are not inputs to the accounting system but rather a forum for discussing the outputs of the system.