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

One result of taking a firm private is:

The company's shares are no longer traded on public stock exchanges.

The company must file quarterly reports with the SEC.

The company must follow International Financial Reporting Standards (IFRS) exclusively.

The company is required to increase the number of shareholders.

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Verified step by step guidance

Understand the concept of 'taking a firm private': This refers to the process where a company's ownership transitions from being publicly traded on stock exchanges to private ownership, often through buyouts or acquisitions.

Analyze the implications of being a private company: Private companies are not required to trade their shares publicly, and they are not obligated to file quarterly reports with the SEC (Securities and Exchange Commission).

Evaluate the reporting standards: Private companies may choose to follow International Financial Reporting Standards (IFRS) or Generally Accepted Accounting Principles (GAAP), but they are not exclusively required to follow IFRS unless specified by their jurisdiction or agreements.

Consider shareholder requirements: Private companies typically have fewer shareholders compared to public companies, and they are not required to increase the number of shareholders.

Conclude the correct result: The most accurate outcome of taking a firm private is that the company's shares are no longer traded on public stock exchanges.