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

In which type of accounting would you most commonly find assets recorded and reported on the balance sheet?

Financial accounting

Managerial accounting

Cost accounting

Tax accounting

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Verified step by step guidance

Understand the purpose of the balance sheet: The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It includes assets, liabilities, and equity.

Recognize the role of financial accounting: Financial accounting focuses on preparing financial statements, including the balance sheet, for external stakeholders such as investors, creditors, and regulatory agencies.

Differentiate between accounting types: Managerial accounting is used for internal decision-making, cost accounting focuses on analyzing costs, and tax accounting deals with compliance with tax laws. These types do not primarily focus on reporting assets on the balance sheet for external purposes.

Identify the correct accounting type: Since the balance sheet is a key financial statement used in external reporting, assets are most commonly recorded and reported in financial accounting.

Conclude that financial accounting is the correct answer: Financial accounting is the type of accounting where assets are recorded and reported on the balance sheet for external stakeholders.