Click to watch the Introduction to Accounting video and then answer the questions below.

1. Most students initially believe that if they are good at math, they will be good at accounting.

2. Foundational accounting concepts are generally taught in which courses?

1. Financial and Managerial Accounting courses
2. Tax and Auditing courses

3. Which accounting course focuses on the preparation of external financial statements by applying Generally Accepted Accounting Principles (GAAP)?

1. Financial Accounting
2. Managerial Accounting

4. Which of the following are concepts taught in a financial accounting course?

1. Understanding and applying the policies and procedures that a business puts in place to protect the business
2. Reporting what a business owns and owes
3. Reporting the cash a business receives and spends

5. Which of the following are concepts taught in a managerial accounting course?

1. Estimating the revenues and expenses of a product
2. Recording and reporting the cost of the products a business makes
3. Analyzing the relationship of the costs of a product, how much to make of a product, and how much profit a product will make for a business