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

Dana is an employee who deposits a percentage of her income into her individual annuity. Which type of accounting is primarily concerned with recording and reporting these personal financial transactions?

Management accounting

Personal accounting

Government accounting

Cost accounting

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Verified step by step guidance

Understand the context of the problem: Dana is depositing a percentage of her income into her individual annuity, which is a personal financial transaction. This indicates the focus is on her personal finances rather than business or organizational accounting.

Review the types of accounting provided in the options: Management accounting, Personal accounting, Government accounting, and Cost accounting. Each type serves a specific purpose.

Define each type of accounting: Management accounting focuses on providing financial information for internal decision-making within an organization. Government accounting deals with the financial activities of government entities. Cost accounting is concerned with analyzing costs for production and operations. Personal accounting, on the other hand, deals with recording and reporting individual financial transactions, such as income, expenses, savings, and investments.

Match the scenario to the correct type of accounting: Since Dana's activity involves her individual annuity and personal financial transactions, this falls under the domain of Personal accounting.

Conclude that the correct type of accounting for this scenario is Personal accounting, as it is primarily concerned with recording and reporting individual financial transactions.