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

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Struggling with Financial Accounting?

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Multiple Choice

Which of the following best describes the significance of the primary business activities (operating, investing, and financing) in financial accounting?

They are only relevant for tax reporting and have no impact on financial statements.

They provide a framework for classifying and reporting a company's cash flows, helping stakeholders assess financial performance and position.

They are used exclusively to determine the company's net income for the period.

They focus solely on the allocation of resources within the marketing department.

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Verified step by step guidance

Step 1: Understand the three primary business activities in financial accounting: operating, investing, and financing. These activities are essential for categorizing and reporting a company's cash flows.

Step 2: Recognize that operating activities involve the day-to-day functions of the business, such as revenue generation and expenses related to operations.

Step 3: Identify that investing activities pertain to the acquisition and disposal of long-term assets, such as property, equipment, or investments in other companies.

Step 4: Note that financing activities relate to transactions with creditors and investors, such as issuing debt, repaying loans, or distributing dividends.

Step 5: Conclude that these activities provide a framework for stakeholders to assess the company's financial performance and position, as they are reflected in the statement of cash flows, a key financial statement.