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

What is the main reason a business operates?

To provide free services to the community

To maintain accounting records

To comply with government regulations

To earn a profit for its owners or shareholders

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Verified step by step guidance

Understand the primary goal of a business: A business operates to generate profit for its owners or shareholders. This is the fundamental purpose of most businesses, as profit ensures sustainability and growth.

Clarify why other options are secondary: While providing free services, maintaining accounting records, and complying with regulations are important, they are not the main reason a business operates. These activities support the business's ability to achieve its primary goal of earning profit.

Relate profit to stakeholders: Profit is essential for rewarding shareholders, reinvesting in the business, and ensuring long-term viability. It also allows businesses to contribute to the economy and create value for customers.

Explain the role of accounting: Maintaining accounting records is crucial for tracking financial performance and ensuring compliance, but it is a tool to achieve the goal of profitability, not the goal itself.

Highlight the importance of compliance: Complying with government regulations is necessary to avoid legal issues and operate ethically, but it is a requirement rather than the primary purpose of a business.