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 a type of accounting primarily concerned with providing information to internal management for decision-making purposes?

Tax accounting

Auditing

Financial accounting

Managerial accounting

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Verified step by step guidance

Understand the different types of accounting: Tax accounting focuses on compliance with tax laws, auditing ensures the accuracy of financial statements, financial accounting provides information to external stakeholders, and managerial accounting is designed for internal decision-making.

Recognize that managerial accounting is primarily concerned with providing information to internal management, such as cost analysis, budgeting, and performance evaluation.

Identify the purpose of managerial accounting: It helps managers make informed decisions about operations, strategy, and resource allocation.

Differentiate managerial accounting from financial accounting: Managerial accounting is forward-looking and focuses on internal processes, while financial accounting is historical and aimed at external reporting.

Conclude that the correct answer to the question is managerial accounting, as it aligns with the description of providing information to internal management for decision-making purposes.