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 activities would most likely be considered an attestation engagement?

A management accountant preparing internal budget reports

An independent auditor providing an opinion on a company's financial statements

A bookkeeper recording daily sales transactions

A tax accountant filing a client's annual tax return

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Verified step by step guidance

Understand the concept of an attestation engagement: An attestation engagement involves an independent party (usually an auditor) providing assurance on a subject matter, such as financial statements, based on established criteria.

Analyze the first option: A management accountant preparing internal budget reports is not an attestation engagement because it is an internal activity and does not involve an independent party providing assurance.

Analyze the second option: An independent auditor providing an opinion on a company's financial statements is an attestation engagement because the auditor is independent and provides assurance on the financial statements based on auditing standards.

Analyze the third option: A bookkeeper recording daily sales transactions is not an attestation engagement because it is a routine accounting task and does not involve assurance or independence.

Analyze the fourth option: A tax accountant filing a client's annual tax return is not an attestation engagement because it is a compliance activity and does not involve providing assurance on subject matter.