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 the process of tracking and managing an organization's assets?

Financial accounting

Tax accounting

Managerial accounting

Asset accounting

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Verified step by step guidance

Understand the concept of asset accounting: Asset accounting is the process of tracking, managing, and reporting an organization's assets, including tangible and intangible assets, throughout their lifecycle.

Differentiate between the accounting types mentioned: Financial accounting focuses on preparing financial statements for external stakeholders, tax accounting deals with compliance with tax laws, and managerial accounting provides information for internal decision-making.

Recognize that asset accounting specifically deals with the management and tracking of assets, which is distinct from the broader scope of financial, tax, or managerial accounting.

Review the definition of asset accounting to confirm that it aligns with the process described in the question: tracking and managing an organization's assets.

Conclude that the correct answer is asset accounting, as it directly pertains to the process of managing and tracking assets, unlike the other accounting types listed.