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

Businesses use metrics in order to:

Eliminate the need for financial statements

Replace managerial decision-making with automated systems

Avoid compliance with accounting standards

Measure and evaluate their financial and operational performance

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Verified step by step guidance

Understand the purpose of metrics in business: Metrics are tools used by businesses to measure and evaluate their financial and operational performance. They provide insights into how well the business is achieving its goals and objectives.

Clarify the incorrect options: Metrics do not eliminate the need for financial statements, as financial statements are essential for reporting and compliance purposes. Metrics complement financial statements by providing additional insights.

Explain why metrics do not replace managerial decision-making: Metrics are used to inform and support managerial decision-making, not replace it. Managers use metrics to make data-driven decisions and improve business operations.

Discuss compliance with accounting standards: Metrics are not designed to avoid compliance with accounting standards. Instead, they often rely on accurate financial data that adheres to these standards to ensure reliability and consistency.

Conclude with the correct purpose of metrics: Metrics are primarily used to measure and evaluate a business's financial and operational performance, helping managers identify areas for improvement and track progress toward goals.