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

In managerial accounting, who is primarily financially responsible for the decisions and performance of a specific department within an organization?

Shareholder

Department Manager

Tax Consultant

External Auditor

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Understand the roles of each individual mentioned in the options: Shareholder, Department Manager, Tax Consultant, and External Auditor.

Recognize that shareholders are owners of the company and are not directly involved in the day-to-day operations or decision-making of specific departments.

Understand that a tax consultant provides advice on tax-related matters and does not have financial responsibility for a department's decisions or performance.

Acknowledge that an external auditor is responsible for reviewing the financial statements of the organization to ensure accuracy and compliance, but they do not manage or make decisions for specific departments.

Conclude that the Department Manager is the individual who is financially responsible for the decisions and performance of a specific department, as they oversee operations, budgets, and outcomes within their area of responsibility.