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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which type of accounting is primarily concerned with tracking and reporting the amounts a business owes to others, such as loans and accounts payable?

Equity accounting

Revenue accounting

Liability accounting

Cost accounting

Previous problemNext problem

Verified step by step guidance

Understand the concept of liability accounting: Liability accounting focuses on tracking and reporting obligations a business owes to others, such as loans, accounts payable, and other financial commitments.

Differentiate liability accounting from other types of accounting: Equity accounting deals with ownership interests, revenue accounting tracks income earned, and cost accounting focuses on expenses and cost management.

Recognize the key elements of liabilities: Liabilities are obligations that arise from past transactions or events, and they are settled over time through the transfer of money, goods, or services.

Identify examples of liabilities: Common examples include accounts payable (amounts owed to suppliers), loans payable (borrowed funds), and accrued expenses (expenses incurred but not yet paid).

Understand the importance of liability accounting: It helps businesses manage their financial obligations effectively, ensuring accurate reporting and compliance with financial regulations.