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 is primarily used by successful businesses to ensure that work is completed as expected and operations run efficiently?

Financial accounting

Forensic accounting

Tax accounting

Managerial accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem: Financial accounting focuses on external reporting to stakeholders, Forensic accounting deals with investigating fraud or discrepancies, Tax accounting ensures compliance with tax laws, and Managerial accounting is used internally to manage operations and decision-making.

Recognize that the question is asking about the type of accounting used to ensure work is completed as expected and operations run efficiently. This indicates a focus on internal processes and management.

Recall that Managerial accounting provides tools such as budgeting, performance evaluation, and cost analysis, which are essential for efficient operations and ensuring tasks are completed as planned.

Compare the characteristics of Managerial accounting with the other types of accounting listed. Note that Financial accounting, Forensic accounting, and Tax accounting are not primarily focused on internal operational efficiency.

Conclude that Managerial accounting is the correct answer because it is specifically designed to help businesses manage their operations effectively and ensure work is completed as expected.