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

Under which type of accounting would the recording of J's choice to pay a monthly premium most likely be classified?

Managerial Accounting

Financial Accounting

Insurance Accounting

Tax Accounting

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Verified step by step guidance

Understand the context of the problem: The question is asking about the classification of recording J's choice to pay a monthly premium. This involves identifying the type of accounting that deals with such transactions.

Review the definitions of the accounting types provided: Managerial Accounting focuses on internal decision-making, Financial Accounting deals with external reporting, Insurance Accounting pertains to transactions specific to insurance, and Tax Accounting involves compliance with tax laws.

Analyze the nature of the transaction: Paying a monthly premium is directly related to insurance policies and their financial management, which falls under the domain of Insurance Accounting.

Eliminate irrelevant options: Managerial Accounting and Financial Accounting are not specific to insurance transactions, and Tax Accounting is focused on tax-related matters rather than insurance premiums.

Conclude that the correct classification for recording J's choice to pay a monthly premium is Insurance Accounting, as it directly pertains to the financial management of insurance-related transactions.