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 two key items are typically described in a business plan?

The company's daily sales receipts and supplier invoices

The company's mission statement and financial projections

The company's inventory list and payroll records

The company's tax returns and audit reports

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Verified step by step guidance

Understand the purpose of a business plan: A business plan is a formal document that outlines the goals, strategies, and financial projections of a company. It serves as a roadmap for the business and is often used to attract investors or secure loans.

Identify the key components of a business plan: Typically, a business plan includes elements such as the company's mission statement, financial projections, market analysis, organizational structure, and operational plans.

Focus on the mission statement: The mission statement defines the purpose and values of the company. It provides a clear direction and helps stakeholders understand the company's goals and vision.

Understand financial projections: Financial projections estimate the company's future financial performance, including revenue, expenses, and profitability. These projections are crucial for demonstrating the viability of the business to investors and lenders.

Eliminate irrelevant options: Items like daily sales receipts, supplier invoices, inventory lists, payroll records, tax returns, and audit reports are operational or compliance-related documents, not strategic components of a business plan.