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 type of accounting plan are traditional investors and bankers most likely to require when evaluating a business?

Cost accounting plan

Tax accounting plan

Managerial accounting plan

Financial accounting plan

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Verified step by step guidance

Understand the purpose of each type of accounting plan: Cost accounting focuses on tracking and analyzing costs within a business, Tax accounting deals with compliance and tax-related matters, Managerial accounting is used for internal decision-making, and Financial accounting provides standardized financial statements for external stakeholders.

Recognize the needs of traditional investors and bankers: These stakeholders require reliable and standardized financial information to evaluate the financial health, profitability, and stability of a business.

Learn the role of financial accounting: Financial accounting involves preparing financial statements such as the balance sheet, income statement, and cash flow statement, which are essential for external evaluation.

Understand why financial accounting is preferred: Financial accounting adheres to standardized principles like GAAP (Generally Accepted Accounting Principles) or IFRS (International Financial Reporting Standards), ensuring consistency and comparability across businesses.

Conclude that traditional investors and bankers are most likely to require a financial accounting plan because it provides the necessary information for assessing a business's performance and making informed decisions.