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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which type of accounting information uses historical data to assist in making present decisions?

Managerial accounting information

Financial accounting information

Forecasted accounting information

Tax accounting information

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Understand the types of accounting information: Financial accounting focuses on historical data, managerial accounting emphasizes future-oriented decisions, tax accounting deals with compliance, and forecasted accounting involves projections.

Recognize that financial accounting information is primarily concerned with recording and reporting past transactions and events, which are used to evaluate the financial performance and position of an entity.

Consider the purpose of historical data: It provides a reliable basis for stakeholders, such as investors and creditors, to make informed decisions about the entity's current and future financial health.

Compare the options provided: Managerial accounting and forecasted accounting focus on future decisions, while tax accounting is specific to tax compliance. Financial accounting is the only type that uses historical data for decision-making.

Conclude that the correct type of accounting information that uses historical data to assist in making present decisions is financial accounting information.