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

What is the primary role of 'back office' teams in accounting within an organization?

To directly manage client relationships and generate sales revenue.

To set the organization's strategic direction and make executive decisions.

To handle financial record-keeping, transaction processing, and support functions such as payroll and accounts payable.

To conduct external audits and provide independent assurance services.

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Verified step by step guidance

Understand the concept of 'back office' in accounting: The back office refers to the part of an organization responsible for administrative and support functions that are not client-facing. These functions are crucial for the smooth operation of the organization.

Identify the primary responsibilities of back office teams in accounting: These include financial record-keeping, transaction processing, payroll management, accounts payable, and other support functions.

Differentiate back office roles from other organizational roles: Unlike front office teams that directly manage client relationships and generate sales revenue, or executive teams that set strategic direction, back office teams focus on operational and administrative tasks.

Clarify the role of external auditors: External auditors are independent professionals who conduct audits and provide assurance services, which is distinct from the internal functions of back office teams.

Conclude that the primary role of back office teams in accounting is to handle financial record-keeping, transaction processing, and support functions such as payroll and accounts payable, ensuring the organization's financial operations run efficiently.