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 focuses on providing information to internal users, such as managers, for decision-making purposes?

Tax accounting

Managerial accounting

Financial accounting

Auditing

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Verified step by step guidance

Understand the different types of accounting: Financial accounting focuses on providing information to external users like investors and creditors, while managerial accounting is designed to provide information to internal users such as managers for decision-making purposes.

Tax accounting deals with compliance and preparation of tax returns, focusing on tax regulations and laws.

Auditing involves examining financial records to ensure accuracy and compliance with standards, typically for external verification.

Identify the purpose of the question: It asks which type of accounting provides information to internal users for decision-making.

Conclude that the correct type of accounting for internal decision-making is managerial accounting, as it is specifically tailored to meet the needs of managers within an organization.