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

In the context of accounting, which type of accounting is primarily used by external parties such as investors, creditors, and regulatory agencies to assess the financial health of a real estate company?

Cost accounting

Financial accounting

Managerial accounting

Tax accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem: Financial accounting, Managerial accounting, Cost accounting, and Tax accounting.

Recognize that Financial accounting is designed to provide standardized financial information to external parties such as investors, creditors, and regulatory agencies. It focuses on preparing financial statements like the balance sheet, income statement, and cash flow statement.

Contrast Financial accounting with Managerial accounting, which is primarily used internally by management for decision-making and operational planning.

Note that Cost accounting is a subset of Managerial accounting and focuses on analyzing costs to improve efficiency and profitability, which is not typically shared with external parties.

Understand that Tax accounting deals with compliance with tax laws and regulations, focusing on preparing tax returns and planning strategies, which is also not primarily intended for external parties assessing financial health.