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 would a family most likely use to manage their finances when planning to purchase a home?

Personal accounting

Forensic accounting

Government accounting

Cost accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about the type of accounting a family would use to manage their finances when planning to purchase a home. This involves personal financial management and decision-making.

Review the definitions of the accounting types provided: Personal accounting involves managing individual or family finances, including budgeting, saving, and planning for expenses. Forensic accounting deals with investigating financial discrepancies or fraud. Government accounting pertains to public sector financial management. Cost accounting focuses on analyzing costs within businesses.

Identify the most relevant type of accounting: Since the question is about a family managing their finances for a home purchase, the focus is on personal financial management, which aligns with personal accounting.

Eliminate the other options: Forensic accounting, government accounting, and cost accounting are not relevant to the scenario of a family planning their finances for a home purchase.

Conclude that the correct type of accounting for this scenario is personal accounting, as it directly relates to managing individual or family finances.