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

Under which type of accounting are the premiums paid by an employer for his employees' insurance typically recorded?

Payroll Accounting

Financial Accounting

Tax Accounting

Cost Accounting

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Verified step by step guidance

Understand the context of the problem: The question is asking about the type of accounting under which employer-paid premiums for employees' insurance are typically recorded.

Review the definitions of the accounting types provided: Payroll Accounting, Financial Accounting, Tax Accounting, and Cost Accounting.

Analyze Payroll Accounting: This type of accounting deals specifically with employee-related expenses, including wages, salaries, and benefits such as insurance premiums.

Compare Payroll Accounting with the other options: Financial Accounting focuses on preparing financial statements, Tax Accounting deals with tax-related matters, and Cost Accounting focuses on tracking and analyzing costs for production or services.

Conclude that Payroll Accounting is the most relevant type for recording employer-paid premiums for employees' insurance, as it directly pertains to employee-related expenses.