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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

The purposes of managerial accounting are to provide useful information to aid in:

Auditing the financial records of the company

Filing tax returns with government authorities

Planning, controlling, and decision-making within an organization

Preparing financial statements for external users

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Verified step by step guidance

Understand the distinction between managerial accounting and financial accounting. Managerial accounting focuses on internal processes and decision-making, while financial accounting is geared towards external reporting.

Recognize the primary purposes of managerial accounting: planning, controlling, and decision-making within an organization. These activities help managers achieve organizational goals effectively.

Planning involves setting objectives and determining the best course of action to achieve them. Managerial accounting provides data such as budgets and forecasts to support this process.

Controlling refers to monitoring and evaluating the performance of various operations within the organization. Managerial accounting tools like variance analysis help identify deviations from planned outcomes.

Decision-making is supported by managerial accounting through the provision of relevant and timely information, such as cost-benefit analysis, to help managers choose between alternatives.