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 an advantage of accounting data?

It removes all subjectivity from financial decision-making.

It guarantees future profits for the business.

It provides a systematic record of financial transactions.

It eliminates the need for financial audits.

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Verified step by step guidance

Step 1: Understand the purpose of accounting data. Accounting data is used to systematically record, classify, and summarize financial transactions to provide useful information for decision-making.

Step 2: Evaluate the options provided in the question. Analyze each statement to determine its validity and relevance to the advantages of accounting data.

Step 3: Option 1: 'It removes all subjectivity from financial decision-making.' This is incorrect because accounting data provides objective information, but decision-making often involves subjective judgment based on the data.

Step 4: Option 2: 'It guarantees future profits for the business.' This is incorrect because accounting data does not predict or guarantee future outcomes; it only records past and current financial transactions.

Step 5: Option 3: 'It provides a systematic record of financial transactions.' This is correct because accounting data is designed to systematically record financial transactions, ensuring accuracy and reliability for analysis and reporting.