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

The task of any business is to ________.

minimize the number of employees

avoid all liabilities

prepare financial statements for tax authorities

earn a profit by providing goods or services

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Verified step by step guidance

Understand the primary goal of a business, which is to earn a profit by providing goods or services. This is the fundamental purpose of most businesses.

Recognize that minimizing the number of employees or avoiding all liabilities are not the primary objectives of a business. These may be strategies or considerations but not the core purpose.

Note that preparing financial statements for tax authorities is a legal requirement, but it is not the main task of a business. It is a compliance activity.

Focus on the concept that businesses aim to generate profit by meeting customer needs through goods or services. This involves creating value for customers and managing resources effectively.

Remember that financial accounting plays a role in helping businesses track their performance, measure profitability, and ensure compliance with regulations, but the ultimate goal remains earning a profit.