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 common management saying, "what you measure is what you get," signals the importance of:

Focusing solely on historical cost accounting

Selecting appropriate performance metrics

Increasing the number of financial statements

Eliminating non-financial information from reports

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Verified step by step guidance

Understand the context of the management saying 'what you measure is what you get,' which emphasizes the importance of aligning measurement systems with desired outcomes.

Recognize that historical cost accounting focuses on recording past transactions at their original cost, but it does not directly address performance metrics or decision-making effectiveness.

Consider the role of performance metrics in management. Performance metrics are tools used to evaluate and monitor the success of specific objectives, ensuring alignment with organizational goals.

Evaluate why increasing the number of financial statements or eliminating non-financial information from reports does not directly address the importance of measurement systems in driving desired outcomes.

Conclude that selecting appropriate performance metrics is the most relevant option, as it ensures that the measurements used by management align with the organization's strategic objectives and desired results.