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

Sofia is starting a small business and wants to track her company's financial transactions, prepare financial statements, and ensure compliance with accounting standards. Which type of accounting is most suitable for Sofia's needs?

Financial Accounting

Tax Accounting

Forensic Accounting

Cost Accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem: Financial Accounting, Tax Accounting, Forensic Accounting, and Cost Accounting.

Recognize that Financial Accounting focuses on recording, summarizing, and reporting a company's financial transactions to external stakeholders through financial statements such as the income statement, balance sheet, and cash flow statement.

Identify that Tax Accounting is primarily concerned with preparing tax returns and ensuring compliance with tax laws, which is not the primary need described in the problem.

Understand that Forensic Accounting involves investigating financial discrepancies or fraud, which is unrelated to Sofia's goal of tracking transactions and preparing financial statements.

Note that Cost Accounting is used for internal decision-making by analyzing costs and efficiency, which is not the primary focus of Sofia's needs. Therefore, Financial Accounting is the most suitable type for her business.