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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Multiple Choice

Which of the following should be included in a firm's business model?

The firm's value proposition and how it delivers value to customers

The revenue streams and cost structure of the business

The tax rates applicable to the industry

The personal financial statements of the firm's owners

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Verified step by step guidance

Step 1: Understand the concept of a business model. A business model outlines how a company creates, delivers, and captures value. It is a strategic framework that includes key elements such as the firm's value proposition, revenue streams, cost structure, and customer delivery mechanisms.

Step 2: Identify the components that are essential to a firm's business model. These include the firm's value proposition (what makes the business unique and valuable to customers) and how it delivers value to customers (the processes, resources, and strategies used).

Step 3: Recognize the importance of financial elements in a business model. Revenue streams (sources of income) and cost structure (expenses incurred to operate the business) are critical components that help assess the financial viability of the business.

Step 4: Evaluate the relevance of tax rates and personal financial statements. Tax rates applicable to the industry are external factors that impact financial planning but are not part of the business model itself. Similarly, personal financial statements of the firm's owners are private documents and not included in the firm's business model.

Step 5: Conclude that the firm's business model should include its value proposition, how it delivers value to customers, revenue streams, and cost structure, as these are integral to understanding and operating the business effectively.