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

The core goal of business is to generate long-term _ by delivering _ to their customers.

assets; expenses

equity; costs

revenue; liabilities

profit; value

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Understand the core goal of a business, which is to generate long-term profit by delivering value to customers. Profit represents the financial gain after deducting expenses, and value refers to the benefit provided to customers through goods or services.

Analyze the options provided in the question. Each pair of terms should be evaluated to determine if they align with the core goal of a business.

Option 1: 'assets; expenses' - Assets are resources owned by a business, and expenses are costs incurred. This pair does not align with the goal of generating profit and delivering value.

Option 2: 'equity; costs' - Equity represents ownership interest, and costs are expenses. This pair does not directly address the goal of generating profit and delivering value.

Option 3: 'revenue; liabilities' - Revenue is income generated, and liabilities are obligations. This pair does not align with the goal of generating profit and delivering value. The correct answer is 'profit; value,' as it directly reflects the business's core goal.