Table of contents

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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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

The best way to determine the financial situation of a business is through:

observing employee satisfaction

examining the company's website

analyzing the financial statements

reviewing marketing strategies

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Verified step by step guidance

Understand that financial statements are formal records of the financial activities and position of a business, providing a clear picture of its financial health.

Recognize the key components of financial statements: the balance sheet, income statement, and cash flow statement, each serving a specific purpose in analyzing the financial situation.

Learn that the balance sheet shows the company's assets, liabilities, and equity at a specific point in time, helping assess its financial stability.

Understand that the income statement provides information about the company's revenues, expenses, and profits over a period, indicating its operational performance.

Know that the cash flow statement tracks the inflows and outflows of cash, revealing the company's liquidity and ability to meet short-term obligations.