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 a major type of accounting used in organizations?

Financial accounting

Medical accounting

Contract law accounting

Environmental chemistry

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Verified step by step guidance

Understand the question: The problem is asking about the major types of accounting used in organizations. This requires knowledge of the different branches of accounting and their purposes.

Review the options provided: The options include Financial Accounting, Medical Accounting, Contract Law Accounting, and Environmental Chemistry. Analyze each option to determine its relevance to accounting in organizations.

Clarify the concept of Financial Accounting: Financial accounting involves recording, summarizing, and reporting an organization's financial transactions to provide information to external users such as investors, creditors, and regulators. It is a major type of accounting used in organizations.

Eliminate irrelevant options: Medical Accounting and Environmental Chemistry are not recognized branches of accounting. Contract Law Accounting is not a standard accounting practice but rather a legal field.

Conclude that Financial Accounting is the correct answer, as it is a fundamental type of accounting used in organizations to manage and communicate financial information.