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 would most likely be used to determine the number of shares outstanding for a company like Apple Inc.?

Cost Accounting

Managerial Accounting

Financial Accounting

Tax Accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking which type of accounting is most relevant for determining the number of shares outstanding for a company like Apple Inc.

Review the definitions of the accounting types provided: Cost Accounting focuses on internal cost management, Managerial Accounting is used for internal decision-making, Tax Accounting deals with tax compliance, and Financial Accounting focuses on external reporting to stakeholders.

Recognize that the number of shares outstanding is a key component of a company's financial statements, specifically the equity section of the balance sheet, which is prepared under Financial Accounting.

Identify that Financial Accounting is designed to provide information to external stakeholders, such as investors and regulators, making it the most appropriate type of accounting for this purpose.

Conclude that Financial Accounting is the correct answer because it is the framework used to report the number of shares outstanding in compliance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).