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 best defines larceny in a business context?

The intentional misstatement or omission of financial information to deceive users of financial statements.

The unauthorized use of company resources for personal gain without removing physical property.

The unlawful taking and carrying away of property or cash belonging to the business with the intent to permanently deprive the owner of its use.

The accidental loss of company assets due to negligence or error.

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Verified step by step guidance

Understand the term 'larceny' in a business context. Larceny refers to the unlawful taking and carrying away of property or cash belonging to the business with the intent to permanently deprive the owner of its use.

Differentiate larceny from other terms such as fraud, which involves intentional misstatements or omissions in financial information to deceive users, and embezzlement, which involves unauthorized use of company resources for personal gain.

Eliminate options that do not align with the definition of larceny. For example, accidental loss due to negligence or error does not involve intent, which is a key component of larceny.

Focus on the intent to permanently deprive the owner of the property or cash, as this is a defining characteristic of larceny.

Select the option that matches the definition of larceny: 'The unlawful taking and carrying away of property or cash belonging to the business with the intent to permanently deprive the owner of its use.'