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

A supplier is an external stakeholder that:

Provides goods or services to a business on credit or for cash.

Is responsible for setting accounting standards.

Manages the internal financial records of a company.

Owns shares and has voting rights in the company.

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Verified step by step guidance

Understand the role of a supplier in the context of financial accounting. A supplier is an external stakeholder who provides goods or services to a business, either on credit or for cash.

Eliminate options that do not align with the definition of a supplier. For example, setting accounting standards is typically the role of regulatory bodies like the Financial Accounting Standards Board (FASB).

Recognize that managing internal financial records is the responsibility of the company's accounting or finance department, not an external supplier.

Identify that owning shares and having voting rights in the company is the role of shareholders, not suppliers.

Conclude that the correct description of a supplier is: 'Provides goods or services to a business on credit or for cash.' This aligns with the supplier's role in financial transactions and business operations.