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

Which of the following statements is correct regarding financial accounting?

Financial accounting is primarily concerned with internal decision-making and management planning.

Financial accounting focuses on providing information to external users such as investors and creditors.

Financial accounting does not require adherence to generally accepted accounting principles (GAAP).

Financial accounting reports are typically prepared for specific departments within an organization.

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Verified step by step guidance

Understand the purpose of financial accounting: Financial accounting is designed to provide information about a company's financial performance and position to external users, such as investors, creditors, and regulatory agencies.

Clarify the difference between financial accounting and managerial accounting: Financial accounting focuses on external reporting and must adhere to GAAP, while managerial accounting is concerned with internal decision-making and does not require adherence to GAAP.

Evaluate the statement about GAAP: Financial accounting requires adherence to generally accepted accounting principles (GAAP) to ensure consistency, reliability, and comparability of financial reports.

Analyze the statement about internal decision-making: Financial accounting is not primarily concerned with internal decision-making; this is the domain of managerial accounting.

Review the statement about departmental reports: Financial accounting reports are not typically prepared for specific departments within an organization; they are intended for external users and provide a comprehensive view of the organization's financial health.