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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following is one way to begin saving startup capital for a new business?

Spend all available funds on initial marketing efforts.

Rely solely on external investors for all startup funding.

Set aside a portion of your personal income regularly into a dedicated savings account.

Wait until the business generates profits before saving any money.

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Verified step by step guidance

Understand the concept of startup capital: Startup capital refers to the funds needed to launch and sustain a new business until it becomes self-sufficient. It is crucial to plan and save for this phase effectively.

Evaluate the options provided in the question: Analyze each option critically to determine its feasibility and alignment with sound financial practices.

Option 1: Spending all available funds on initial marketing efforts is risky because it leaves no reserves for other essential expenses like operations, inventory, or emergencies.

Option 2: Relying solely on external investors for all startup funding can lead to loss of control over the business and may not always be a viable or guaranteed option.

Option 3: Setting aside a portion of personal income regularly into a dedicated savings account is a practical and disciplined approach to building startup capital. It ensures gradual accumulation of funds while maintaining financial stability.