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

The accounting department of a manufacturing company is an example of which type of accounting?

Governmental accounting

Tax accounting

Managerial accounting

Financial accounting

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Verified step by step guidance

Understand the different types of accounting: Governmental accounting deals with public sector entities, Tax accounting focuses on compliance with tax laws, Managerial accounting is used for internal decision-making, and Financial accounting involves preparing financial statements for external stakeholders.

Identify the context of the problem: The accounting department of a manufacturing company is primarily concerned with internal operations, such as budgeting, cost analysis, and performance evaluation.

Recognize that Managerial accounting is designed to provide information to managers within the organization to aid in decision-making, which aligns with the activities of the accounting department in a manufacturing company.

Compare Managerial accounting with Financial accounting: Financial accounting focuses on external reporting, such as preparing financial statements for investors and creditors, whereas Managerial accounting is internally focused.

Conclude that the correct type of accounting for the accounting department of a manufacturing company is Managerial accounting, as it supports internal management processes and decision-making.