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

Which of the following is typically considered the first key component of a successful financial plan?

Preparing tax returns

Investing in stocks and bonds

Establishing clear financial goals

Purchasing insurance policies

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Verified step by step guidance

Understand the concept of a financial plan: A financial plan is a comprehensive strategy designed to manage finances effectively and achieve specific financial objectives over time.

Recognize the importance of establishing clear financial goals: This is typically the first step in creating a financial plan because it provides direction and purpose for all subsequent financial decisions.

Clarify why preparing tax returns, investing in stocks and bonds, or purchasing insurance policies are not the first step: These actions are part of implementing a financial plan, but they require a clear understanding of your financial goals to ensure alignment with your objectives.

Learn how to set financial goals: Financial goals should be specific, measurable, achievable, relevant, and time-bound (SMART). Examples include saving for retirement, buying a home, or paying off debt.

Understand the role of financial goals in decision-making: Once goals are established, they guide decisions about budgeting, investing, saving, and other financial activities to ensure progress toward achieving those objectives.