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 types of accounting is a firm least likely to use for short-term financing decisions?

Tax accounting

Managerial accounting

Cost accounting

Financial accounting

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Understand the context of the question: The problem is asking which type of accounting is least likely to be used for short-term financing decisions. Short-term financing decisions typically involve managing cash flows, liquidity, and immediate financial needs.

Review the purpose of each type of accounting mentioned: Tax accounting focuses on compliance with tax laws and regulations, Managerial accounting provides internal information for decision-making, Cost accounting analyzes costs for production and operations, and Financial accounting focuses on external reporting of financial statements.

Analyze the relevance of each type of accounting to short-term financing decisions: Tax accounting may be relevant for understanding tax implications of financing decisions, Managerial accounting is highly relevant for internal decision-making, Cost accounting is more focused on production costs rather than financing, and Financial accounting is used for external reporting rather than internal financing decisions.

Determine which type of accounting is least relevant: Based on the analysis, Cost accounting is least likely to be used for short-term financing decisions because it primarily deals with production and operational costs rather than financing strategies.

Conclude the reasoning: The correct answer is Cost accounting, as it does not directly address the needs of short-term financing decisions compared to the other types of accounting listed.