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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Struggling with Financial Accounting?

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Multiple Choice

What is the first and primary question you should ask yourself before starting a small business?

Which accounting software should I use?

How much profit will I make in the first year?

How many employees will I need to hire immediately?

What product or service will I offer, and is there a market need for it?

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Verified step by step guidance

Understand that the first and primary question before starting a small business is to identify the product or service you will offer and determine if there is a market need for it. This is crucial for establishing the foundation of your business.

Research the market to assess demand for your product or service. This involves analyzing customer needs, preferences, and existing competition.

Evaluate the feasibility of your business idea by considering factors such as production costs, pricing strategies, and potential profitability.

Develop a business plan that outlines your product or service, target market, marketing strategies, and financial projections. This will help you organize your thoughts and prepare for the next steps.

Once you have confirmed the market need and developed a plan, you can proceed to address other operational aspects, such as accounting software, hiring employees, and estimating profits.