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

Fujiko owns and operates a local bakery. Fujiko is leading when she:

files tax returns with the government

prepares financial statements for external investors

audits the financial records of another company

uses managerial accounting information to make decisions about expanding her product line

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Verified step by step guidance

Understand the context of the problem: Fujiko owns and operates a bakery, and the question revolves around identifying the correct activity related to managerial accounting.

Review the activities listed in the problem: filing tax returns, preparing financial statements, auditing financial records, and using managerial accounting information to make decisions.

Clarify the concept of managerial accounting: Managerial accounting focuses on providing internal information to help business owners and managers make decisions, such as expanding product lines, budgeting, or improving operations.

Differentiate between the activities: Filing tax returns and preparing financial statements are related to financial accounting, which is aimed at external reporting. Auditing financial records is an external assurance activity. Using managerial accounting information is an internal decision-making process.

Conclude that the correct activity related to managerial accounting is Fujiko using managerial accounting information to make decisions about expanding her product line, as this involves internal decision-making based on relevant data.