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 sets of activities are part of the primary functions of accounting?

Auditing, forecasting, and selling

Planning, organizing, and controlling

Budgeting, investing, and marketing

Identifying, recording, and communicating financial information

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Verified step by step guidance

Step 1: Understand the primary functions of accounting. Accounting is primarily concerned with identifying, recording, and communicating financial information to stakeholders for decision-making purposes.

Step 2: Break down the activities listed in the options and compare them to the primary functions of accounting. For example, auditing, forecasting, and selling are not core accounting functions but may be related to other business processes.

Step 3: Analyze the second option, 'Planning, organizing, and controlling.' These activities are managerial functions and are not directly part of accounting's primary role.

Step 4: Evaluate the third option, 'Budgeting, investing, and marketing.' Budgeting may involve financial planning, but investing and marketing are not part of accounting's primary functions.

Step 5: Conclude that the correct answer is 'Identifying, recording, and communicating financial information,' as these are the core activities that define the purpose and scope of accounting.