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

Which of the following situations is addressed by the fiduciary duty of disclosure in accounting?

An accountant informs stakeholders about all material financial information that could affect their decisions.

An accountant records daily business transactions in the general ledger.

An accountant calculates depreciation using the straight-line method.

An accountant prepares tax returns for a client.

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Understand the concept of fiduciary duty of disclosure: This duty requires accountants to provide stakeholders with all material financial information that could influence their decisions. It ensures transparency and ethical behavior in financial reporting.

Analyze the options provided in the problem: Each option represents a different accounting activity. Determine which activity aligns with the fiduciary duty of disclosure.

Option 1: 'An accountant informs stakeholders about all material financial information that could affect their decisions.' This directly relates to the fiduciary duty of disclosure, as it involves sharing relevant financial information with stakeholders.

Option 2: 'An accountant records daily business transactions in the general ledger.' This is a routine bookkeeping task and does not specifically address the fiduciary duty of disclosure.

Option 3: 'An accountant calculates depreciation using the straight-line method.' This is a technical accounting calculation and does not involve informing stakeholders about material financial information. Option 4: 'An accountant prepares tax returns for a client.' This is a compliance task and does not directly address the fiduciary duty of disclosure.