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 of the following is NOT a primary objective of financial accounting?

To ensure compliance with statutory requirements

To promote products and increase sales revenue

To provide information for decision-making to external users

To record and summarize business transactions systematically

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Verified step by step guidance

Understand the primary objectives of financial accounting. Financial accounting focuses on recording, summarizing, and reporting financial transactions to provide useful information to external users such as investors, creditors, and regulatory agencies.

Review the options provided in the question. Identify which objectives align with the purpose of financial accounting and which do not.

Option 1: 'To ensure compliance with statutory requirements' - This is a valid objective of financial accounting as it ensures adherence to laws and regulations.

Option 3: 'To provide information for decision-making to external users' - This is a core objective of financial accounting, as it helps external stakeholders make informed decisions.

Option 2: 'To promote products and increase sales revenue' - This is NOT a primary objective of financial accounting. Promoting products and increasing sales revenue is typically a function of marketing and sales, not financial accounting.