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 focuses on results and is often numerical in nature?

Financial Accounting

Cost Accounting

Tax Accounting

Managerial Accounting

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Verified step by step guidance

Understand the different types of accounting mentioned in the problem: Financial Accounting, Cost Accounting, Tax Accounting, and Managerial Accounting.

Recognize that Financial Accounting primarily focuses on reporting the financial results of an organization, often in numerical form, such as income statements, balance sheets, and cash flow statements.

Learn that Cost Accounting deals with analyzing and controlling costs within an organization, focusing on cost efficiency rather than overall financial results.

Understand that Tax Accounting is specialized in preparing and filing tax returns, ensuring compliance with tax laws, and optimizing tax liabilities.

Identify that Managerial Accounting focuses on providing internal reports and data to assist management in decision-making, which may include both numerical and non-numerical information.