Table of contents

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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 provides managers with information and incentives to perform well within an organization?

Auditing

Managerial accounting

Financial accounting

Tax accounting

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

Auditing focuses on verifying the accuracy of financial statements and ensuring compliance with regulations, primarily for external stakeholders.

Managerial Accounting provides internal managers with detailed financial and operational information to aid in decision-making, planning, and performance evaluation within the organization.

Financial Accounting is concerned with preparing financial statements for external stakeholders, such as investors and creditors, and follows standardized rules like GAAP or IFRS.

Tax Accounting deals with preparing tax returns and ensuring compliance with tax laws, focusing on external reporting to tax authorities rather than internal performance incentives.