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

Why should Mary Ann and Nana create a business plan for their new venture?

To provide a roadmap for their business operations and attract potential investors.

To eliminate all risks associated with starting a business.

To ensure they pay less in taxes during their first year.

To guarantee immediate profitability.

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Verified step by step guidance

Understand the purpose of a business plan: A business plan serves as a roadmap for the operations, goals, and strategies of a business. It helps entrepreneurs like Mary Ann and Nana clarify their vision and outline the steps needed to achieve their objectives.

Recognize the importance of attracting investors: A well-crafted business plan demonstrates the viability of the business idea, providing potential investors with confidence in the venture's potential for success.

Identify the misconception about eliminating risks: While a business plan helps mitigate risks by planning ahead, it cannot eliminate all risks associated with starting a business. Risk management is an ongoing process.

Clarify the tax implication misunderstanding: A business plan does not directly ensure lower taxes. Tax obligations depend on the business structure, income, and applicable tax laws, not the existence of a business plan.

Address profitability expectations: Immediate profitability is not guaranteed by a business plan. Instead, the plan helps set realistic financial goals and strategies to achieve profitability over time.