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

Business rules are derived from ____.

random organizational habits

customer feedback

accounting principles and standards

personal preferences of managers

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Verified step by step guidance

Understand the concept of business rules: Business rules are guidelines or principles that govern the operations and decision-making processes within an organization.

Recognize the source of business rules: Business rules are typically derived from accounting principles and standards, which provide a structured framework for financial reporting and decision-making.

Clarify the role of accounting principles and standards: These principles and standards ensure consistency, reliability, and comparability in financial information, which is essential for making informed business decisions.

Eliminate incorrect options: Random organizational habits, customer feedback, and personal preferences of managers are not systematic or universally accepted sources for deriving business rules.

Conclude that accounting principles and standards are the correct source for deriving business rules, as they provide a formal and standardized approach to financial and operational governance.