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 determining the legal responsibility of an individual or entity for business actions, debts, and obligations?

Managerial Accounting

Forensic Accounting

Financial Accounting

Liability Accounting

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Verified step by step guidance

Step 1: Begin by understanding the concept of liability accounting. Liability accounting focuses on recording and managing obligations or debts that an individual or entity is legally responsible for.

Step 2: Compare the given options to the definition of liability accounting. Managerial accounting deals with internal decision-making processes, forensic accounting involves investigating financial fraud, and financial accounting focuses on preparing financial statements for external users.

Step 3: Recognize that liability accounting is not a standalone type of accounting but rather a component of financial accounting. Financial accounting includes the recording and reporting of liabilities as part of the balance sheet.

Step 4: Understand that liabilities are obligations that arise from past transactions or events, such as loans, accounts payable, or legal responsibilities, and are reported in financial accounting.

Step 5: Conclude that the correct answer is not liability accounting as a separate type but rather financial accounting, which encompasses the management and reporting of liabilities.