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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Struggling with Financial Accounting?

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Multiple Choice

All of the following are true regarding financial accounting except:

It focuses on providing detailed internal reports for management decision-making.

Its reports are typically prepared on a periodic basis, such as quarterly or annually.

It must comply with generally accepted accounting principles (GAAP).

It is primarily intended for external users such as investors and creditors.

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Verified step by step guidance

Step 1: Understand the purpose of financial accounting. Financial accounting is primarily intended to provide information to external users, such as investors, creditors, and regulatory agencies, rather than internal users like management.

Step 2: Review the characteristics of financial accounting reports. These reports are typically prepared periodically (e.g., quarterly or annually) and must comply with generally accepted accounting principles (GAAP) to ensure consistency and reliability.

Step 3: Contrast financial accounting with managerial accounting. Managerial accounting focuses on providing detailed internal reports for management decision-making, which is not the primary focus of financial accounting.

Step 4: Identify the statement that does not align with the purpose of financial accounting. The statement 'It focuses on providing detailed internal reports for management decision-making' describes managerial accounting, not financial accounting.

Step 5: Conclude that the correct answer is the statement that incorrectly describes financial accounting, which is the one about internal reports for management decision-making.