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

Which of the following is NOT an essential element of the accounting code of conduct?

Objectivity

Profit Maximization

Confidentiality

Integrity

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Understand the purpose of the accounting code of conduct, which is to establish ethical guidelines for accountants to ensure trust, transparency, and professionalism in financial reporting.

Review the essential elements of the accounting code of conduct, which typically include principles such as objectivity, confidentiality, and integrity. These elements are designed to uphold ethical standards in accounting practices.

Analyze the term 'Profit Maximization' and recognize that it is a business goal rather than an ethical principle. It focuses on increasing financial gains rather than ensuring ethical behavior in accounting practices.

Compare 'Profit Maximization' with the other options (Objectivity, Confidentiality, and Integrity) to identify that it does not align with the ethical principles outlined in the accounting code of conduct.

Conclude that 'Profit Maximization' is NOT an essential element of the accounting code of conduct, as it is unrelated to the ethical guidelines that govern accounting practices.