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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

The controller is responsible for which of the following tasks?

Approving loans for customers

Setting company-wide marketing strategies

Auditing the company's financial statements as an external party

Preparing financial statements and overseeing internal accounting controls

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Verified step by step guidance

Understand the role of a controller in financial accounting. A controller is primarily responsible for managing the company's internal accounting processes and ensuring the accuracy of financial reporting.

Recognize that approving loans for customers is typically the responsibility of a credit manager or loan officer, not the controller.

Identify that setting company-wide marketing strategies falls under the purview of the marketing department or executive leadership, not the controller.

Clarify that auditing the company's financial statements as an external party is the responsibility of external auditors, not the controller. The controller works internally within the organization.

Conclude that the controller's tasks include preparing financial statements and overseeing internal accounting controls, ensuring compliance with accounting standards and regulations.