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 concerned with tracking and reporting the specific amount of money that an individual must pay when insurance only covers a portion of costs?

Managerial Accounting

Cost Accounting

Health Care Accounting

Financial Accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about a type of accounting that deals with tracking and reporting the specific amount of money an individual must pay when insurance only covers a portion of costs.

Recognize that this scenario is specific to the health care industry, where accounting practices are tailored to track patient payments, insurance reimbursements, and out-of-pocket costs.

Clarify the role of Health Care Accounting: It is a specialized branch of accounting focused on managing financial transactions related to health care services, including patient billing, insurance claims, and cost-sharing arrangements.

Differentiate Health Care Accounting from other types of accounting mentioned: Managerial Accounting focuses on internal decision-making, Cost Accounting deals with cost analysis for production or services, and Financial Accounting focuses on preparing financial statements for external stakeholders.

Conclude that Health Care Accounting is the correct answer because it directly addresses the financial tracking and reporting needs in situations where insurance only partially covers costs.