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

Why might an entrepreneur choose to write a simple business plan only for themselves?

To comply with mandatory tax reporting regulations.

To fulfill a legal requirement for starting a business.

To impress potential investors with detailed financial projections.

To clarify their own ideas and strategies without the need to seek external funding.

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Verified step by step guidance

Understand the purpose of a business plan: A business plan is a document that outlines the goals, strategies, and financial projections of a business. It can serve different purposes depending on the audience, such as attracting investors, complying with regulations, or organizing personal ideas.

Recognize the entrepreneur's intent: In this scenario, the entrepreneur is not seeking external funding or fulfilling legal requirements. Instead, they are writing the business plan for personal use to clarify their own ideas and strategies.

Consider the benefits of a simple business plan: A simple business plan allows the entrepreneur to focus on their vision, goals, and operational strategies without the complexity of detailed financial projections or external requirements.

Evaluate the absence of external obligations: Since the entrepreneur is not required to comply with tax reporting regulations or legal requirements, the plan can be tailored solely to their needs and preferences.

Conclude the reasoning: The entrepreneur chooses to write a simple business plan for themselves to organize their thoughts, refine their strategies, and ensure clarity in their approach to starting or managing the business.