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 an example of managerial accounting?

Filing annual tax returns with the IRS

Publishing financial statements for external investors

Preparing a budget report for internal use by company management

Auditing a company's financial records for regulatory compliance

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Verified step by step guidance

Step 1: Understand the distinction between managerial accounting and financial accounting. Managerial accounting focuses on providing information for internal decision-making, while financial accounting is aimed at external stakeholders like investors and regulators.

Step 2: Analyze each option provided in the problem. Filing annual tax returns with the IRS and auditing financial records for regulatory compliance are tasks related to external reporting and compliance, which fall under financial accounting.

Step 3: Consider the option of publishing financial statements for external investors. This is also a financial accounting activity because it involves external stakeholders.

Step 4: Evaluate the option of preparing a budget report for internal use by company management. This is a clear example of managerial accounting, as it involves internal decision-making and planning.

Step 5: Conclude that managerial accounting is characterized by activities like preparing budgets, forecasts, and performance reports for internal use, which help management make informed decisions.