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

Doing the things that will create the most value for the company is known as:

Financial accounting

Tax accounting

Value chain management

Auditing

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Verified step by step guidance

Understand the concept of 'Value Chain Management': It refers to the process of analyzing and optimizing the activities within a company to create the most value for the organization and its stakeholders.

Compare the given options: Financial accounting, Tax accounting, and Auditing. These are specific functions within accounting and business operations, but they do not directly focus on creating value across the entire company.

Recognize that 'Value Chain Management' is the correct answer because it emphasizes strategic decision-making and operational improvements to maximize value creation.

Learn the distinction: Financial accounting involves recording and reporting financial transactions, Tax accounting focuses on compliance with tax laws, and Auditing ensures accuracy and reliability of financial statements. None of these directly align with the concept of creating the most value for the company as a whole.

Conclude that Value Chain Management is a broader strategic approach aimed at enhancing the company's overall efficiency and effectiveness, making it the correct answer in this context.