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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Struggling with Financial Accounting?

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Multiple Choice

Which of the following is NOT an objective of financial accounting?

To ascertain the financial position of a business

To determine the profitability of a business

To provide information for decision-making to external users

To promote business products and increase sales

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Verified step by step guidance

Step 1: Understand the objectives of financial accounting. Financial accounting is primarily concerned with recording, summarizing, and reporting financial transactions to provide useful information to external users such as investors, creditors, and regulatory agencies.

Step 2: Review the listed objectives in the question. The objectives include: (1) To ascertain the financial position of a business, (2) To determine the profitability of a business, and (3) To provide information for decision-making to external users.

Step 3: Compare the listed objectives with the purpose of financial accounting. All three listed objectives align with the core functions of financial accounting, which involve providing accurate and relevant financial information.

Step 4: Analyze the statement 'To promote business products and increase sales.' This is not an objective of financial accounting. Promoting products and increasing sales are marketing objectives, not accounting objectives.

Step 5: Conclude that the correct answer is 'To promote business products and increase sales,' as it does not align with the primary goals of financial accounting.