Table of contents

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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 is most directly concerned with recording and analyzing transactions such as when a customer is contacted by phone and visited by a sales representative?

Tax Accounting

Governmental Accounting

Managerial Accounting

Financial Accounting

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Understand the different types of accounting mentioned in the problem: Tax Accounting, Governmental Accounting, Managerial Accounting, and Financial Accounting.

Tax Accounting focuses on preparing and filing tax returns and ensuring compliance with tax laws.

Governmental Accounting deals with the financial management and reporting of government entities, ensuring accountability and transparency in public funds.

Managerial Accounting is concerned with providing internal reports and analysis to help management make decisions, such as tracking sales activities or customer interactions.

Financial Accounting is primarily concerned with recording, summarizing, and reporting financial transactions to external stakeholders, such as investors or creditors, through financial statements.