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

In which type of accounting is the issuance of money for a personal loan to a borrower typically recorded?

Managerial accounting

Personal accounting

Cost accounting

Financial accounting

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Verified step by step guidance

Understand the context of the question: The issuance of money for a personal loan to a borrower is a financial transaction that involves recording the movement of funds.

Review the types of accounting mentioned: Managerial accounting focuses on internal decision-making, Cost accounting deals with cost analysis, Financial accounting records transactions for external reporting, and Personal accounting pertains to individual financial management.

Identify the correct type of accounting: Since the transaction involves recording a loan issuance, it falls under Financial accounting, which is concerned with documenting financial transactions for businesses or entities.

Clarify why other options are incorrect: Managerial accounting is not relevant because it deals with internal strategies, Cost accounting is unrelated to loans, and Personal accounting is for individual finances, not organizational transactions.

Conclude that Financial accounting is the appropriate type for recording the issuance of money for a personal loan to a borrower, as it aligns with the principles of documenting financial transactions for external purposes.