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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Struggling with Financial Accounting?

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Multiple Choice

Of all the stakeholders, a company’s most basic responsibility is to:

Ensure all suppliers are paid before any other obligations

Focus solely on community development initiatives

Maximize short-term profits for management

Provide accurate financial information to its owners and investors

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Verified step by step guidance

Understand the concept of stakeholders in a company. Stakeholders include owners, investors, employees, suppliers, customers, and the community. Each has different expectations and interests in the company’s operations.

Recognize that the primary responsibility of a company is to its owners and investors, as they provide the capital and bear the risks associated with the business.

Learn that providing accurate financial information is essential for owners and investors to make informed decisions about the company’s performance, financial health, and future prospects.

Understand that financial accounting plays a critical role in fulfilling this responsibility by preparing and presenting financial statements such as the balance sheet, income statement, and cash flow statement.

Note that while other stakeholders are important, the company’s most basic responsibility is to ensure transparency and accuracy in financial reporting to its owners and investors, as this forms the foundation for trust and accountability.