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

Juanita wants to start a business and is considering which type of accounting would best suit her needs. Which type of accounting is most appropriate for a small business owner like Juanita to use for tracking income and expenses?

Governmental accounting

Financial accounting

Tax accounting

Managerial accounting

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Verified step by step guidance

Understand the purpose of each type of accounting: Governmental accounting is used by public sector entities to manage public funds, Financial accounting focuses on preparing financial statements for external stakeholders, Tax accounting deals with compliance with tax laws, and Managerial accounting is used for internal decision-making within a business.

Recognize that Juanita, as a small business owner, needs a system to track income and expenses effectively to make informed decisions about her business operations.

Managerial accounting is designed to provide internal reports and analysis, such as budgeting, forecasting, and cost analysis, which are essential for small business owners to manage their operations efficiently.

Consider that Managerial accounting allows Juanita to focus on operational performance, profitability, and resource allocation, which are critical for the success of a small business.

Conclude that Managerial accounting is the most appropriate type of accounting for Juanita to use, as it aligns with her needs for tracking income and expenses and making strategic decisions for her business.