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 type of accounting focuses on activities related to sourcing income and raising funds for a business?

Finance accounting

Financial accounting

Fund accounting

Managerial accounting

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Understand the definitions of each type of accounting mentioned in the problem: Financial accounting, Finance accounting, Fund accounting, and Managerial accounting.

Financial accounting focuses on recording, summarizing, and reporting a company's financial transactions to external stakeholders, such as investors and creditors.

Finance accounting is not a standard term in accounting; it may refer to financial management, which deals with sourcing income and raising funds but is not the same as financial accounting.

Fund accounting is used primarily by non-profit organizations and government entities to track resources allocated for specific purposes, not typically related to sourcing income or raising funds for a business.

Managerial accounting focuses on providing internal financial information to managers for decision-making, not on sourcing income or raising funds. Based on these clarifications, identify the correct type of accounting that matches the description in the problem.