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 the context of accounting, which of the following best describes 'declaring war and coining money'?

Auditing activities accounted for in auditing accounting

Managerial activities accounted for in managerial accounting

Financial activities accounted for in financial accounting

Governmental activities accounted for in governmental accounting

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Verified step by step guidance

Understand the context of the problem: The question is asking about the accounting category that best describes 'declaring war and coining money.' These activities are specific to government functions.

Review the types of accounting: Financial accounting deals with reporting financial information to external users, managerial accounting focuses on internal decision-making, auditing accounting ensures accuracy and compliance, and governmental accounting pertains to the financial activities of government entities.

Identify the nature of the activities: Declaring war and coining money are exclusive functions of the government, which are not related to business or corporate financial activities.

Match the activities to the correct accounting type: Since these activities are governmental in nature, they fall under the scope of governmental accounting, which tracks and reports financial information for government operations.

Conclude that the correct answer is 'Governmental activities accounted for in governmental accounting,' as this type of accounting is specifically designed to handle the financial aspects of government functions.