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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Struggling with Financial Accounting?

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Multiple Choice

In the course of their jobs, bookkeepers primarily:

Prepare and analyze financial statements for external reporting.

Record financial transactions and maintain accurate financial records.

Develop long-term financial strategies for the organization.

Conduct independent audits of company financials.

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Verified step by step guidance

Step 1: Understand the role of a bookkeeper in financial accounting. Bookkeepers are responsible for recording financial transactions and maintaining accurate financial records, which is a foundational task in accounting.

Step 2: Differentiate the tasks of a bookkeeper from other roles in accounting. For example, preparing and analyzing financial statements for external reporting is typically the responsibility of accountants or financial analysts, not bookkeepers.

Step 3: Recognize that developing long-term financial strategies is a strategic role often performed by financial managers or executives, not bookkeepers.

Step 4: Understand that conducting independent audits is the role of auditors, who verify the accuracy of financial records and compliance with regulations, rather than bookkeepers.

Step 5: Conclude that the primary responsibility of bookkeepers is to record financial transactions and maintain accurate financial records, ensuring the organization's financial data is organized and up-to-date.