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

Which term refers to the standards and rules that accountants follow while recording and reporting financial activities?

International Monetary Fund (IMF)

Generally Accepted Accounting Principles (GAAP)

Tax Accounting

Managerial Accounting

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Verified step by step guidance

Understand the question: The problem is asking for the term that refers to the standards and rules accountants follow while recording and reporting financial activities.

Identify the key concept: Standards and rules for financial reporting are established to ensure consistency, transparency, and comparability in accounting practices.

Clarify the options: Review the provided choices: (1) International Monetary Fund (IMF), (2) Generally Accepted Accounting Principles (GAAP), (3) Tax Accounting, and (4) Managerial Accounting.

Explain the correct term: The correct term is 'Generally Accepted Accounting Principles (GAAP)', which is a set of accounting standards and guidelines used primarily in the United States to ensure accurate and consistent financial reporting.

Differentiate GAAP from other options: (1) IMF is an international organization focused on global financial stability, not accounting standards. (2) Tax Accounting deals with tax-related financial activities. (3) Managerial Accounting focuses on internal decision-making processes rather than external reporting standards.