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 is NOT a type of accounting commonly used in business?

Biological accounting

Managerial accounting

Financial accounting

Tax accounting

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Understand the types of accounting commonly used in business. These include Managerial Accounting, Financial Accounting, and Tax Accounting, which are essential for decision-making, reporting, and compliance purposes.

Managerial Accounting focuses on providing internal reports to help management make informed decisions. It includes budgeting, forecasting, and performance analysis.

Financial Accounting involves preparing financial statements (e.g., income statement, balance sheet, cash flow statement) for external stakeholders such as investors, creditors, and regulatory agencies.

Tax Accounting deals with compliance with tax laws and regulations, ensuring accurate calculation and reporting of taxes owed by the business.

Biological Accounting is not a recognized type of accounting in business. It does not pertain to the financial processes or reporting systems used in organizations, making it the correct answer to the question.