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 two functions are considered primary activities in financial accounting?

Recording and reporting financial transactions

Budgeting and forecasting

Auditing and tax planning

Cost allocation and inventory management

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Verified step by step guidance

Understand the primary purpose of financial accounting, which is to provide accurate and reliable financial information to stakeholders.

Identify the core activities in financial accounting that directly support this purpose. These activities typically involve handling financial data and ensuring its proper presentation.

Recognize that recording financial transactions is a fundamental activity in financial accounting, as it ensures all financial events are documented systematically.

Understand that reporting financial transactions is another primary activity, as it involves preparing financial statements and other reports to communicate the financial position and performance of an entity.

Eliminate options that are more related to managerial accounting or specialized fields, such as budgeting, forecasting, auditing, tax planning, cost allocation, and inventory management, as these are not considered primary activities in financial accounting.