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

Why does a publicly held corporation issue quarterly and annual reports?

To advertise new products and services to potential customers.

To provide transparency and comply with regulatory requirements for informing investors and stakeholders about the company's financial performance.

To set internal employee salaries and bonuses.

To reduce the company's tax liability for the year.

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Verified step by step guidance

Understand the purpose of quarterly and annual reports: These reports are designed to provide transparency about the company's financial performance and operations to investors, stakeholders, and regulatory bodies.

Recognize the regulatory requirements: Publicly held corporations are required by law to disclose financial information periodically to comply with regulations such as those set by the Securities and Exchange Commission (SEC).

Identify the audience for these reports: The primary audience includes investors, analysts, and other stakeholders who rely on accurate financial data to make informed decisions.

Clarify the content of the reports: Quarterly and annual reports typically include financial statements (income statement, balance sheet, cash flow statement), management discussion and analysis (MD&A), and notes to the financial statements.

Understand the importance of transparency: By issuing these reports, corporations build trust with stakeholders, ensure accountability, and maintain compliance with legal and ethical standards.