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

Which of the following is a primary benefit of budgeting?

It removes the need for management oversight.

It guarantees profits for the organization.

It helps organizations plan for future financial needs.

It eliminates the need for financial statements.

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Verified step by step guidance

Understand the concept of budgeting: Budgeting is a financial planning tool that helps organizations allocate resources, set goals, and anticipate future financial needs.

Evaluate the options provided in the question: Analyze each statement to determine its validity and relevance to the primary benefit of budgeting.

Option 1: 'It removes the need for management oversight.' This is incorrect because budgeting does not eliminate the need for management oversight; it complements it by providing a framework for decision-making.

Option 2: 'It guarantees profits for the organization.' This is incorrect because budgeting does not guarantee profits; it helps in planning and managing resources effectively to achieve financial goals.

Option 3: 'It helps organizations plan for future financial needs.' This is correct because the primary benefit of budgeting is to assist organizations in forecasting and preparing for future financial requirements, ensuring better financial management.