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

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

Which of the following is a business management support function of the accounting/finance department?

Budgeting and forecasting

Sales promotion

Product manufacturing

Customer service

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Verified step by step guidance

Understand the role of the accounting/finance department in a business. It primarily focuses on managing financial resources, ensuring compliance, and providing insights for decision-making.

Identify the key functions of the accounting/finance department, such as budgeting, forecasting, financial reporting, and cost management. These functions support business management by providing data-driven insights.

Analyze the options provided in the question. 'Budgeting and forecasting' is a financial planning activity that helps management allocate resources effectively and predict future financial performance.

Evaluate the other options: 'Sales promotion,' 'Product manufacturing,' and 'Customer service' are operational or marketing functions, not typically part of the accounting/finance department's responsibilities.

Conclude that 'Budgeting and forecasting' is the correct answer because it directly supports business management by providing financial guidance and planning tools.