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 does it mean that directors have a fiduciary responsibility toward the shareholders?

Directors can use company resources for personal benefit as long as the company is profitable.

Directors must act in the best interests of the shareholders, prioritizing their interests above personal gain.

Directors are required to manage the company without any input from shareholders.

Directors are only responsible for preparing the company's financial statements.

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Verified step by step guidance

Understand the term 'fiduciary responsibility': Fiduciary responsibility refers to the obligation of directors to act in the best interests of the shareholders, ensuring their decisions prioritize shareholder interests above personal or other considerations.

Clarify the role of directors: Directors are entrusted with managing the company and making decisions that align with the shareholders' interests, including financial, strategic, and operational matters.

Eliminate incorrect interpretations: Directors cannot use company resources for personal benefit, nor are they solely responsible for preparing financial statements or managing the company without shareholder input.

Focus on the correct interpretation: Directors must act ethically and responsibly, ensuring transparency, accountability, and prioritization of shareholder interests in all company-related decisions.

Relate fiduciary responsibility to financial accounting: Directors must ensure accurate and fair financial reporting, as this is a critical aspect of maintaining trust and fulfilling their fiduciary duty to shareholders.