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

If an entrepreneur says they are using "bootstrap financing," which type of accounting is most relevant for tracking their personal investments and internal funding sources?

Tax accounting

Managerial accounting

Governmental accounting

Forensic accounting

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Verified step by step guidance

Understand the term 'bootstrap financing': It refers to a situation where an entrepreneur uses personal savings, internal cash flow, or other non-external funding sources to finance their business operations.

Identify the type of accounting that focuses on internal decision-making: Managerial accounting is designed to provide information to managers within an organization to aid in planning, controlling, and decision-making processes.

Compare the other options: Tax accounting deals with compliance and preparation of tax returns, governmental accounting is specific to public sector entities, and forensic accounting focuses on investigating financial discrepancies or fraud.

Recognize that managerial accounting is most relevant for tracking internal funding sources and personal investments, as it provides detailed reports and analysis for internal use.

Conclude that managerial accounting aligns with the needs of an entrepreneur using bootstrap financing, as it helps track and manage internal resources effectively.