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

3. Accrual Accounting Concepts

Introduction to Adjusting Journal Entries and Prepaid Expenses

Financial Accounting

3. Accrual Accounting Concepts

Introduction to Adjusting Journal Entries and Prepaid Expenses

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Multiple Choice

The information and analysis that comes from managerial accounting is used to:

Assist internal management in planning, controlling, and decision-making processes

Audit the financial statements for accuracy and compliance

Prepare financial statements for external stakeholders

Comply with tax regulations and file tax returns

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Verified step by step guidance

Understand the role of managerial accounting: Managerial accounting focuses on providing information to internal management to assist in planning, controlling, and decision-making processes. It is distinct from financial accounting, which is aimed at external stakeholders.

Analyze the options provided in the problem: Review each option and determine whether it aligns with the purpose of managerial accounting. For example, auditing financial statements and preparing them for external stakeholders are tasks associated with financial accounting, not managerial accounting.

Consider compliance with tax regulations: Filing tax returns and complying with tax laws are typically handled by tax accounting, not managerial accounting. Managerial accounting is more focused on internal operations and strategy.

Focus on the correct purpose: Managerial accounting is designed to assist internal management in making informed decisions, planning future activities, and controlling operations effectively.

Select the correct answer: Based on the analysis, the correct answer is 'Assist internal management in planning, controlling, and decision-making processes,' as this aligns with the primary purpose of managerial accounting.