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

Which of the following types of financial losses can typically be insured against?

Losses from poor management decisions

Losses due to fire damage to business property

Losses due to employee resignation

Losses from changes in market demand for products

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Verified step by step guidance

Step 1: Understand the concept of insurable risks. Insurable risks are those that are measurable, predictable, and outside the control of the insured party. They typically involve unforeseen events rather than business decisions or market conditions.

Step 2: Analyze each option provided in the problem. For example, losses from poor management decisions are not insurable because they are within the control of the business and are not unforeseen events.

Step 3: Evaluate losses due to fire damage to business property. This type of loss is insurable because it is an unforeseen event, measurable, and can be covered by property insurance policies.

Step 4: Consider losses due to employee resignation. These are not insurable because they are related to human behavior and are not predictable or measurable in the same way as physical damage.

Step 5: Assess losses from changes in market demand for products. These are not insurable because they are tied to economic conditions and business strategy, which are not unforeseen events.