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

Information on a company's past performance is provided to external parties by:

The financial statements

The company's marketing materials

Internal management reports

Board meeting minutes

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Verified step by step guidance

Understand the purpose of financial statements: Financial statements are formal records of a company's financial activities and position. They are prepared to provide external parties, such as investors, creditors, and regulatory agencies, with information about the company's past performance and financial health.

Differentiate between external and internal reporting: External parties rely on standardized and regulated documents like financial statements, while internal management reports are used for operational decision-making within the company.

Evaluate the role of marketing materials: Marketing materials are designed to promote the company and its products or services, but they do not provide detailed or standardized financial information about past performance.

Consider the purpose of board meeting minutes: Board meeting minutes document discussions and decisions made during board meetings, but they are not intended for external parties to assess the company's financial performance.

Conclude that financial statements are the correct answer: Financial statements, such as the income statement, balance sheet, and cash flow statement, are specifically prepared to communicate a company's past performance to external parties in a standardized and regulated format.