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 primarily deals with the recording and reporting of transactions involving shared financial backing, such as joint ventures or partnerships?

Governmental Accounting

Managerial Accounting

Partnership 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 that focuses on recording and reporting transactions involving shared financial backing, such as joint ventures or partnerships.

Review the definitions of the accounting types mentioned: Governmental Accounting deals with public sector finances, Managerial Accounting focuses on internal decision-making, and Cost Accounting analyzes costs for production and operations.

Learn about Partnership Accounting: Partnership Accounting is specifically designed to handle financial transactions and reporting for partnerships, where two or more individuals or entities share ownership and financial responsibilities.

Recognize the key features of Partnership Accounting: It includes tracking capital contributions, profit-sharing agreements, and distributions among partners, as well as preparing financial statements for the partnership.

Conclude that Partnership Accounting is the correct answer because it directly addresses the recording and reporting of transactions involving shared financial backing in partnerships or joint ventures.