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

Trinity has been named executor of her uncle's will. What does this mean?

She is entitled to inherit all of her uncle's assets.

She is responsible for managing and distributing her uncle's estate according to the terms of the will.

She is required to prepare her uncle's business financial statements.

She must pay all of her uncle's debts from her own personal funds.

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Verified step by step guidance

Understand the role of an executor: An executor is a person named in a will to manage the estate of the deceased. Their primary responsibility is to ensure that the deceased's wishes, as outlined in the will, are carried out properly.

Clarify the executor's duties: The executor is responsible for tasks such as collecting and safeguarding the deceased's assets, paying debts and taxes from the estate, and distributing the remaining assets to the beneficiaries as specified in the will.

Debunk common misconceptions: The executor is not entitled to inherit all of the deceased's assets unless explicitly stated in the will. Additionally, the executor does not pay the deceased's debts from their personal funds; debts are paid from the estate itself.

Focus on financial responsibilities: If the deceased owned a business, the executor may need to oversee its financial matters temporarily, but this does not necessarily include preparing financial statements unless specified in the will or required by law.

Summarize the correct answer: Trinity, as the executor, is responsible for managing and distributing her uncle's estate according to the terms of the will. This includes handling assets, debts, and ensuring the beneficiaries receive their inheritance as outlined.