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 is NOT a responsibility of the finance department?

Budgeting and forecasting

Preparing financial statements

Managing cash flow

Conducting external audits

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Verified step by step guidance

Understand the roles and responsibilities of the finance department. These typically include tasks such as budgeting and forecasting, preparing financial statements, and managing cash flow.

Recognize that conducting external audits is generally not a responsibility of the finance department. Instead, external audits are performed by independent auditing firms to ensure the accuracy and compliance of financial statements.

Differentiate between internal and external responsibilities. The finance department focuses on internal financial management, while external audits are conducted by third parties.

Review the options provided in the question and identify which task does not align with the typical responsibilities of the finance department.

Conclude that 'Conducting external audits' is the correct answer, as it is not a responsibility of the finance department.