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 concerned with recording, classifying, and summarizing financial transactions for external reporting purposes?

Managerial Accounting

Financial Accounting

Cost Accounting

Tax Accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem: Financial Accounting, Managerial Accounting, Cost Accounting, and Tax Accounting.

Recognize that Financial Accounting is primarily concerned with external reporting, which involves preparing financial statements such as the balance sheet, income statement, and cash flow statement for external stakeholders like investors, creditors, and regulatory agencies.

Identify that Managerial Accounting focuses on internal decision-making and provides information to managers for planning, controlling, and decision-making purposes.

Note that Cost Accounting deals with analyzing and tracking costs associated with production or operations, often used internally to improve efficiency and cost management.

Understand that Tax Accounting is specialized in preparing tax returns and ensuring compliance with tax laws, which is distinct from the external reporting focus of Financial Accounting.