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

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

Financial Accounting

15. GAAP vs IFRS

GAAP vs. IFRS: Introduction

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Multiple Choice

Who is ultimately responsible for properly applying GAAP in a company?

External auditors

Management

Shareholders

Board of Directors

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Verified step by step guidance

Understand the role of GAAP (Generally Accepted Accounting Principles): GAAP is a set of accounting standards and principles that companies must follow to ensure consistency, transparency, and accuracy in financial reporting.

Identify the key stakeholders in a company: External auditors, management, shareholders, and the board of directors all play different roles in the financial reporting process.

Clarify the responsibility of external auditors: External auditors review financial statements to ensure compliance with GAAP, but they do not prepare or apply GAAP themselves.

Examine the role of management: Management is responsible for preparing financial statements and ensuring that GAAP is properly applied in the company's accounting practices.

Understand the roles of shareholders and the board of directors: Shareholders invest in the company, and the board of directors oversees management, but neither is directly responsible for applying GAAP.