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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 accounting profession is divided into five key working areas, two of which are:

Auditing and civil engineering

Tax accounting and forensic medicine

Cost accounting and human resources

Financial accounting and managerial accounting

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Understand that the accounting profession is divided into specialized areas, each focusing on different aspects of financial and managerial processes.

Recognize that the options provided in the problem include combinations of accounting-related fields and unrelated fields (e.g., civil engineering, forensic medicine, human resources).

Identify the two key working areas in accounting that are relevant to the profession: Financial Accounting and Managerial Accounting.

Financial Accounting involves recording, summarizing, and reporting financial transactions to external stakeholders, such as investors and creditors.

Managerial Accounting focuses on providing financial information to internal stakeholders, such as managers, to assist in decision-making and operational planning.