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 NOT a type of accounting commonly used in business?

Financial accounting

Biological accounting

Tax accounting

Managerial accounting

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Understand the types of accounting commonly used in business. These include Financial Accounting, Tax Accounting, and Managerial Accounting, which are all essential for different aspects of business operations.

Financial Accounting focuses on preparing financial statements for external stakeholders, such as investors and creditors, to assess the financial health of a company.

Tax Accounting deals with compliance with tax laws and regulations, ensuring accurate reporting and payment of taxes to government authorities.

Managerial Accounting is used internally by management to make informed decisions, plan, and control operations. It involves budgeting, forecasting, and performance analysis.

Biological Accounting is not a recognized type of accounting in business. It does not pertain to the financial or operational aspects of a company, making it the correct answer to the question.