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 type of accounting is primarily concerned with recording and reporting transactions where both the principal and agent have agreed to the agency relationship through a written or oral agreement?

Managerial Accounting

Fiduciary Accounting

Cost Accounting

Tax Accounting

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Verified step by step guidance

Understand the concept of fiduciary accounting: Fiduciary accounting is primarily concerned with recording and reporting transactions where there is a fiduciary relationship between a principal and an agent. This relationship is established through a written or oral agreement.

Differentiate fiduciary accounting from other types of accounting: Managerial accounting focuses on internal decision-making, cost accounting deals with cost analysis, and tax accounting is concerned with tax compliance and planning. Fiduciary accounting specifically addresses the responsibilities of an agent managing assets on behalf of a principal.

Recognize the key elements of fiduciary accounting: It involves transparency, accountability, and adherence to the terms of the fiduciary agreement. The agent must act in the best interest of the principal and provide accurate financial reporting.

Identify examples of fiduciary relationships: Common examples include trustees managing trust funds, executors of estates, and agents handling financial matters for clients. These relationships require detailed accounting to ensure proper management and reporting.

Apply the concept to the question: Since the question specifies transactions agreed upon through a written or oral agreement between a principal and an agent, fiduciary accounting is the correct answer as it directly addresses this type of relationship.