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 should account for fixed, variable, intermittent, and discretionary expenses based on income?

Forensic Accounting

Managerial Accounting

Tax Accounting

Financial Accounting

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Verified step by step guidance

Understand the types of accounting mentioned in the problem: Forensic Accounting, Managerial Accounting, Tax Accounting, and Financial Accounting. Each has distinct purposes and focuses.

Recognize that the question is asking about accounting that deals with fixed, variable, intermittent, and discretionary expenses based on income. These terms are typically associated with internal decision-making and budgeting processes.

Recall that Managerial Accounting is primarily concerned with providing information to internal stakeholders (e.g., managers) for planning, controlling, and decision-making purposes. It often involves analyzing costs and expenses, including fixed, variable, intermittent, and discretionary expenses.

Contrast Managerial Accounting with the other types mentioned: Forensic Accounting focuses on investigating financial discrepancies, Tax Accounting deals with compliance and preparation of tax returns, and Financial Accounting focuses on external reporting of financial statements.

Conclude that Managerial Accounting is the correct type of accounting for analyzing and accounting for fixed, variable, intermittent, and discretionary expenses based on income, as it is designed to support internal management decisions.