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 is NOT a reason businesses need to maintain financial records?

To comply with legal and tax requirements

To increase the amount of taxes owed to the government

To provide accurate information to investors and creditors

To monitor business performance and make informed decisions

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Verified step by step guidance

Understand the purpose of maintaining financial records: Financial records are essential for businesses to track their financial activities, comply with legal and tax requirements, provide accurate information to stakeholders, and monitor performance for decision-making.

Analyze each option provided in the question: Evaluate whether each option aligns with the purpose of maintaining financial records.

Option 1: 'To comply with legal and tax requirements' - This is a valid reason as businesses are required by law to maintain accurate financial records for tax filings and regulatory compliance.

Option 3: 'To provide accurate information to investors and creditors' - This is also a valid reason because stakeholders rely on financial records to assess the financial health and stability of the business.

Option 4: 'To monitor business performance and make informed decisions' - This is a valid reason as financial records help businesses analyze their operations and strategize effectively. Option 2, 'To increase the amount of taxes owed to the government,' is NOT a valid reason because businesses aim to minimize tax liabilities within legal boundaries, not increase them.