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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

What is the primary purpose of financial accounting?

To prepare tax returns for government agencies

To provide financial information to external users for decision-making purposes

To manage the company's internal operations and processes

To calculate and pay employee salaries

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Verified step by step guidance

Understand the definition of financial accounting: Financial accounting is the process of recording, summarizing, and reporting the financial transactions of a business to provide useful information to external users.

Identify the key external users of financial accounting information: These include investors, creditors, regulatory agencies, and other stakeholders who rely on accurate financial data to make informed decisions.

Clarify the primary purpose of financial accounting: It is designed to provide financial information to external users for decision-making purposes, such as evaluating the financial health and performance of a company.

Differentiate financial accounting from other accounting types: Unlike managerial accounting, which focuses on internal operations and processes, financial accounting is aimed at external users and adheres to standardized principles like GAAP or IFRS.

Review the incorrect options: Preparing tax returns, managing internal operations, and calculating employee salaries are not the primary purposes of financial accounting, as these tasks fall under other areas like tax accounting or managerial accounting.