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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Preparing financial statements is which phase of the accounting cycle?

The closing phase

The reporting phase

The analyzing phase

The recording phase

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Verified step by step guidance

Understand the accounting cycle: The accounting cycle is a series of steps that businesses follow to record, analyze, and report financial transactions. It typically includes phases such as analyzing, recording, adjusting, reporting, and closing.

Identify the purpose of financial statements: Financial statements are prepared to summarize the financial performance and position of a business. This activity is part of the reporting phase, where the results of the accounting process are communicated to stakeholders.

Differentiate between the phases: The analyzing phase involves examining transactions to determine their impact on the financial position. The recording phase involves documenting transactions in the accounting records. The closing phase involves finalizing accounts for the period. The reporting phase is specifically focused on preparing financial statements.

Recognize the reporting phase: Preparing financial statements, such as the income statement, balance sheet, and cash flow statement, is a key activity in the reporting phase of the accounting cycle.

Conclude that the correct answer is the reporting phase, as this is the phase where financial statements are prepared to communicate the financial results and position of the business.