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 is an example of a business’s ethical obligation to its stakeholders?

Maximizing profits at any cost

Providing accurate and transparent financial statements

Delaying the disclosure of negative financial information

Ignoring environmental regulations to reduce expenses

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Verified step by step guidance

Understand the concept of ethical obligations: Ethical obligations refer to the moral responsibilities a business has towards its stakeholders, including employees, customers, investors, and the community. These obligations often involve honesty, transparency, and adherence to laws and regulations.

Identify the stakeholders in the scenario: Stakeholders include anyone affected by the business's actions, such as shareholders, employees, customers, and the broader community. Ethical obligations ensure that the business acts in their best interest while maintaining integrity.

Analyze the options provided: Evaluate each option to determine whether it aligns with ethical practices. For example, 'Maximizing profits at any cost' may lead to unethical behavior, while 'Providing accurate and transparent financial statements' aligns with ethical obligations.

Consider the importance of transparency: Providing accurate and transparent financial statements is a key ethical obligation because it ensures stakeholders can make informed decisions based on truthful information. This builds trust and maintains the integrity of the business.

Eliminate unethical options: Options such as 'Delaying the disclosure of negative financial information' and 'Ignoring environmental regulations to reduce expenses' are unethical because they involve deception or harm to the community. The correct ethical obligation is 'Providing accurate and transparent financial statements.'