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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

The major reporting standard for presenting managerial accounting information is:

Historical cost principle

Generally Accepted Accounting Principles (GAAP)

International Financial Reporting Standards (IFRS)

Relevance to decision-making needs

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Verified step by step guidance

Understand the context of managerial accounting: Managerial accounting focuses on providing information to internal users (managers) to aid in decision-making, planning, and controlling operations, rather than external reporting.

Recognize the difference between financial accounting and managerial accounting: Financial accounting adheres to standards like GAAP or IFRS for external reporting, while managerial accounting prioritizes relevance to decision-making needs over strict adherence to standardized principles.

Identify the key principle for managerial accounting: The major reporting standard for managerial accounting is relevance, meaning the information provided should be useful and timely for managers to make informed decisions.

Consider why historical cost principle, GAAP, and IFRS are not the correct answers: These standards are primarily used in financial accounting for external reporting and do not emphasize the specific needs of internal decision-making.

Conclude that relevance to decision-making needs is the correct answer: Managerial accounting information is tailored to be relevant and actionable for internal users, which is its primary reporting standard.