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 of the following is NOT a type of accounting commonly recognized in the field of financial accounting?

Financial Accounting

Biological Accounting

Managerial Accounting

Tax Accounting

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Verified step by step guidance

Step 1: Understand the types of accounting commonly recognized in the field of financial accounting. These include Financial Accounting, Managerial Accounting, and Tax Accounting. Each serves a specific purpose in recording, analyzing, and reporting financial information.

Step 2: Financial Accounting focuses on preparing financial statements for external users, such as investors, creditors, and regulatory agencies.

Step 3: Managerial Accounting is concerned with providing information to internal users, such as managers, to assist in decision-making, planning, and controlling operations.

Step 4: Tax Accounting deals with preparing and filing tax returns and ensuring compliance with tax laws and regulations.

Step 5: Biological Accounting is not a recognized type of accounting in the field of financial accounting. It does not pertain to the standard practices or principles of accounting used in financial reporting or management.