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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Struggling with Financial Accounting?

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Multiple Choice

Which of the following knowledge and skills should an accounting professional possess?

Expertise in classical literature analysis

Proficiency in architectural design

Understanding of financial reporting standards and analytical skills

Advanced knowledge of organic chemistry

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Verified step by step guidance

Step 1: Begin by identifying the core responsibilities and functions of an accounting professional. Accounting professionals are primarily involved in recording, analyzing, and reporting financial transactions.

Step 2: Recognize that accounting professionals need to understand financial reporting standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), to ensure compliance and accuracy in financial statements.

Step 3: Analytical skills are essential for accounting professionals to interpret financial data, identify trends, and make informed decisions based on the financial information provided.

Step 4: Eliminate irrelevant skills or knowledge areas that do not align with the role of an accounting professional, such as expertise in classical literature analysis, architectural design, or advanced knowledge of organic chemistry.

Step 5: Conclude that the correct answer is 'Understanding of financial reporting standards and analytical skills,' as these are directly relevant to the profession and its requirements.