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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following types of accounting would be most effective in a small owner/manager-operated business?

Forensic accounting

Governmental accounting

Cash-basis accounting

Cost accounting

Previous problemNext problem

Verified step by step guidance

Understand the context of the question: The problem is asking which type of accounting is most effective for a small owner/manager-operated business. This requires analyzing the characteristics of each accounting type mentioned.

Step 1: Define forensic accounting. Forensic accounting involves investigating financial records for legal purposes, such as fraud detection. It is not typically relevant for day-to-day operations of a small business unless there is a specific legal issue.

Step 2: Define governmental accounting. Governmental accounting is used by public sector entities to manage funds and comply with regulations. It is not applicable to a small owner/manager-operated business, which operates in the private sector.

Step 3: Define cost accounting. Cost accounting focuses on analyzing costs to improve efficiency and profitability. While useful for larger businesses with complex operations, it may not be the primary accounting method for a small business with simpler financial needs.

Step 4: Define cash-basis accounting. Cash-basis accounting records transactions when cash is received or paid, making it straightforward and easy to manage. This simplicity makes it ideal for small owner/manager-operated businesses with limited resources and straightforward financial activities.