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

Which of the following best describes financial accounting?

The analysis of costs associated with producing goods or services within an organization.

The process of recording, summarizing, and reporting a company's financial transactions to external users.

The preparation of tax returns and planning for future tax obligations.

The evaluation of investment opportunities for personal financial planning.

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Verified step by step guidance

Step 1: Understand the definition of financial accounting. Financial accounting is primarily concerned with recording, summarizing, and reporting a company's financial transactions to external users such as investors, creditors, and regulatory agencies.

Step 2: Compare the options provided in the question. Analyze each option to determine which one aligns with the definition of financial accounting.

Step 3: Option 1 describes cost analysis, which is related to managerial accounting rather than financial accounting. Managerial accounting focuses on internal decision-making processes.

Step 4: Option 3 refers to tax preparation and planning, which falls under the domain of tax accounting, not financial accounting.

Step 5: Option 4 involves evaluating investment opportunities for personal financial planning, which is unrelated to financial accounting. The correct answer is Option 2, as it matches the definition of financial accounting.