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

Companies may use which of the following types of accounting to motivate sales and collections?

Managerial accounting

Governmental accounting

Fund accounting

Tax accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about the type of accounting that companies use to motivate sales and collections. This requires identifying the accounting method that focuses on internal decision-making and performance improvement.

Review the definitions of the accounting types provided: Managerial accounting focuses on internal processes and decision-making, Governmental accounting is used by public sector entities, Fund accounting is typically used by non-profits, and Tax accounting deals with compliance with tax laws.

Analyze the purpose of motivating sales and collections: This is an internal business activity aimed at improving operational efficiency and financial performance, which aligns with the goals of managerial accounting.

Eliminate options that do not fit the context: Governmental accounting, Fund accounting, and Tax accounting are not primarily designed to motivate sales and collections within a company.

Conclude that Managerial accounting is the correct type of accounting for motivating sales and collections, as it provides tools and insights for internal management to drive performance.