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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following is generally considered the very best investment you can make, according to financial accounting principles?

Speculative stocks

Collectible art

Cryptocurrencies

Your own education and skills

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Understand the context of the question: Financial accounting principles emphasize investments that provide long-term value and stability. Speculative stocks, collectible art, and cryptocurrencies are often volatile and risky, whereas education and skills are considered a stable and high-return investment.

Recognize that education and skills are intangible assets. These are not recorded on the balance sheet but are crucial for personal and professional growth, leading to higher earning potential and better financial decision-making.

Consider the concept of return on investment (ROI): Investing in your own education and skills typically yields a high ROI over time, as it enhances your ability to generate income and adapt to changing economic conditions.

Acknowledge the principle of sustainability: Unlike speculative investments, education and skills provide long-term benefits that are less susceptible to market fluctuations.

Conclude that financial accounting principles prioritize investments that contribute to long-term financial stability and personal growth, making education and skills the best investment choice in this context.