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

The two primary roles of financial accounting are to:

Prepare tax returns and manage payroll processing.

Forecast future financial performance and set company budgets.

Assist internal management in decision-making and control operations.

Provide information to external users and ensure compliance with regulatory requirements.

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Verified step by step guidance

Understand the primary roles of financial accounting, which focus on providing accurate and reliable financial information to external users such as investors, creditors, and regulatory agencies.

Recognize that financial accounting is distinct from managerial accounting, which is primarily used for internal decision-making and operational control.

Identify the importance of compliance with regulatory requirements, such as adhering to Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), to ensure transparency and consistency in financial reporting.

Note that financial accounting does not directly involve tasks like preparing tax returns, managing payroll, or forecasting future financial performance, as these are typically handled by other specialized areas of accounting or management.

Conclude that the correct answer aligns with the fundamental purpose of financial accounting: providing information to external users and ensuring compliance with regulatory requirements.