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

Who are the primary users of government and nonprofit accounting information?

Private investors seeking dividends

Citizens, oversight bodies, and donors

Corporate shareholders

Internal management of for-profit companies

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Verified step by step guidance

Understand the context of government and nonprofit accounting: Unlike for-profit entities, government and nonprofit organizations focus on accountability and stewardship rather than profitability.

Identify the primary users of government and nonprofit accounting information: These users are typically stakeholders who are interested in how resources are allocated and used, rather than financial returns.

Recognize the key groups of stakeholders: Citizens, oversight bodies (such as government agencies or regulatory bodies), and donors are the primary users of this information. They rely on accounting data to ensure transparency and proper use of funds.

Contrast these users with those of for-profit accounting: Private investors, corporate shareholders, and internal management of for-profit companies are primarily interested in profitability, dividends, and operational efficiency, which are not the focus of government and nonprofit accounting.

Conclude that the correct answer is based on the accountability and transparency needs of citizens, oversight bodies, and donors, aligning with the purpose of government and nonprofit accounting.