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 is primarily responsible for establishing management reserves and identifying contingency reserves within an organization?

Tax Accounting

Financial Accounting

Managerial Accounting

Auditing

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Verified step by step guidance

Understand the different types of accounting: Tax Accounting deals with compliance and tax-related matters, Financial Accounting focuses on preparing financial statements for external stakeholders, Auditing ensures the accuracy of financial records, and Managerial Accounting is concerned with internal decision-making and planning.

Recognize that establishing management reserves and identifying contingency reserves are activities related to internal planning and decision-making within an organization.

Learn that Managerial Accounting provides tools and techniques for budgeting, forecasting, and resource allocation, which are essential for setting aside reserves for unexpected events or future needs.

Understand that management reserves are funds set aside for unforeseen expenses, while contingency reserves are allocated for specific risks identified during planning. Both are part of strategic financial management handled by Managerial Accounting.

Conclude that Managerial Accounting is the type of accounting primarily responsible for these tasks, as it focuses on supporting management in making informed decisions and preparing for uncertainties.