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 of the following types of accounting would most likely involve tracking inventory items that are kept in a storage warehouse from one year to the next?

Financial Accounting

Managerial Accounting

Tax Accounting

Forensic Accounting

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Verified step by step guidance

Understand the different types of accounting mentioned in the problem: Financial Accounting, Managerial Accounting, Tax Accounting, and Forensic Accounting.

Recognize that tracking inventory items in a storage warehouse involves internal decision-making and operational management, which is a key focus of Managerial Accounting.

Recall that Financial Accounting primarily deals with preparing financial statements for external stakeholders, such as investors and creditors, and does not focus on detailed inventory tracking.

Understand that Tax Accounting is concerned with compliance with tax laws and regulations, and Forensic Accounting focuses on investigating financial discrepancies or fraud, neither of which typically involve inventory tracking.

Conclude that Managerial Accounting is the type of accounting most likely to involve tracking inventory items in a storage warehouse, as it supports internal management decisions and operational efficiency.