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

Under which type of accounting would the request by an employee to transfer the balance of her 401(k) be primarily recorded and managed?

Managerial Accounting

Financial Accounting

Tax Accounting

Payroll/Benefits Accounting

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Verified step by step guidance

Understand the context of the problem: The question is asking about the type of accounting that primarily records and manages the transfer of a 401(k) balance, which is related to employee benefits.

Review the definitions of the accounting types provided: Managerial Accounting focuses on internal decision-making, Financial Accounting deals with external reporting, Tax Accounting focuses on tax compliance, and Payroll/Benefits Accounting handles employee compensation and benefits.

Identify the key term in the question: The transfer of a 401(k) balance is directly related to employee benefits, which falls under the scope of Payroll/Benefits Accounting.

Eliminate the incorrect options: Managerial Accounting, Financial Accounting, and Tax Accounting do not primarily manage employee benefits like 401(k) transfers.

Conclude that the correct type of accounting for this scenario is Payroll/Benefits Accounting, as it specifically deals with employee compensation and benefits management.