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 two tasks are most important to complete when writing a business plan?

Hiring employees and purchasing office furniture

Setting up payroll and designing a company logo

Registering a trademark and opening a business bank account

Defining the business's mission and conducting a market analysis

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Verified step by step guidance

Understand the purpose of a business plan: A business plan serves as a roadmap for the business, outlining its goals, strategies, and the steps needed to achieve success. It is essential to focus on foundational tasks that provide clarity and direction.

Define the business's mission: Start by clearly articulating the mission statement. This defines the purpose of the business, its values, and what it aims to achieve. A strong mission statement helps guide decision-making and communicates the business's goals to stakeholders.

Conduct a market analysis: Research the target market to understand customer needs, preferences, and behaviors. Analyze competitors, industry trends, and market demand. This information is crucial for developing effective strategies and identifying opportunities for growth.

Prioritize foundational tasks over operational details: While tasks like hiring employees or designing a logo are important, they are secondary to establishing the business's core purpose and understanding the market. Focus on strategic planning first.

Use the mission and market analysis to inform other aspects of the business plan: Once the mission and market analysis are complete, use these insights to develop marketing strategies, financial projections, and operational plans that align with the business's goals.