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 primary type of accounting?

Financial accounting

Tax accounting

Managerial accounting

Biological accounting

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Verified step by step guidance

Understand the primary types of accounting: Financial accounting, Tax accounting, and Managerial accounting are widely recognized as the main branches of accounting, each serving distinct purposes.

Financial accounting focuses on preparing financial statements for external users, such as investors and creditors, to assess the financial health of an organization.

Tax accounting deals with compliance with tax laws and regulations, ensuring accurate reporting and payment of taxes to government authorities.

Managerial accounting is concerned with providing internal management with information for decision-making, planning, and controlling operations.

Biological accounting is not a recognized type of accounting within the field of financial accounting, tax accounting, or managerial accounting. It does not align with the established categories of accounting.