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 is NOT a service typically provided by a public accounting firm?

Consulting on business mergers and acquisitions

Tax preparation and planning

Auditing financial statements

Management of internal company operations

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Verified step by step guidance

Step 1: Understand the role of a public accounting firm. Public accounting firms provide services to external clients, focusing on areas such as auditing, tax preparation, and consulting. Their primary role is to ensure compliance with financial regulations and provide expertise in financial matters.

Step 2: Review the services listed in the question. Consulting on business mergers and acquisitions, tax preparation and planning, and auditing financial statements are all services typically provided by public accounting firms.

Step 3: Analyze the option 'Management of internal company operations.' This service involves overseeing and managing the day-to-day operations within a company, which is typically the responsibility of internal management rather than an external public accounting firm.

Step 4: Differentiate between internal and external roles. Public accounting firms focus on external services, while internal company operations are managed by the company's own staff or internal accounting team.

Step 5: Conclude that 'Management of internal company operations' is NOT a service typically provided by a public accounting firm, as it falls outside the scope of their external advisory and compliance-focused services.