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

When businesspeople distinguish between right and wrong decisions in a business setting, it is called:

Ethical accounting

Managerial accounting

Financial reporting

Business ethics

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Verified step by step guidance

Understand the concept of business ethics: Business ethics refers to the principles and standards that guide behavior in the world of business, helping individuals distinguish between right and wrong decisions in a business setting.

Recognize that ethical accounting, managerial accounting, and financial reporting are specific practices within accounting and finance, but they do not encompass the broader concept of ethical decision-making in business.

Identify that business ethics is a broader term that applies to all aspects of business conduct, including accounting, management, and reporting, ensuring decisions align with moral and ethical standards.

Review examples of business ethics in practice, such as avoiding fraudulent reporting, ensuring transparency, and adhering to legal and regulatory requirements.

Conclude that the correct term for distinguishing between right and wrong decisions in a business setting is 'Business ethics,' as it encompasses the moral framework guiding business practices.