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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Struggling with Financial Accounting?

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Multiple Choice

Insurance is a financial service that allows a business or individual to:

Increase profits by investing in insurance policies.

Eliminate all financial risks associated with business operations.

Avoid paying taxes on business income.

Transfer the risk of financial loss to an insurance company in exchange for premium payments.

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Verified step by step guidance

Understand the concept of insurance: Insurance is a financial arrangement where an individual or business pays a premium to an insurance company in exchange for coverage against potential financial losses.

Clarify the purpose of insurance: The primary goal of insurance is to transfer the risk of financial loss from the insured party to the insurance company, not to eliminate all risks or avoid taxes.

Analyze the incorrect options: Increasing profits, eliminating all risks, or avoiding taxes are not the primary functions of insurance. These options misrepresent the role of insurance in financial management.

Focus on the correct answer: Insurance allows the insured party to transfer the risk of financial loss to the insurance company, which assumes the responsibility for covering specified losses in exchange for premium payments.

Conclude with the importance of premiums: Premiums are the payments made by the insured party to the insurance company, ensuring the financial sustainability of the insurance coverage provided.