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 are the three main elements that affect overall financial planning in accounting?

Depreciation, amortization, and accruals

Income, expenses, and cash flow

Assets, liabilities, and equity

Revenue, inventory, and goodwill

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Verified step by step guidance

Step 1: Understand the context of financial planning in accounting. Financial planning involves analyzing and managing the financial resources of a business to ensure its sustainability and growth.

Step 2: Recognize the three main elements that affect overall financial planning. These elements are typically related to the fundamental aspects of a business's financial health and operations.

Step 3: Evaluate the options provided in the question. Each option represents different accounting concepts, but only one aligns with the core elements of financial planning.

Step 4: Focus on the correct answer: 'Income, expenses, and cash flow.' These three elements are central to financial planning because they directly impact a business's ability to operate, invest, and grow.

Step 5: Understand why the other options are not correct. For example, 'Assets, liabilities, and equity' are components of the balance sheet, not directly tied to financial planning. Similarly, 'Depreciation, amortization, and accruals' are accounting adjustments, and 'Revenue, inventory, and goodwill' are specific financial items but not overarching elements of financial planning.