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

If an employer pays for a job-related physical examination, which type of accounting would most appropriately record this transaction?

Managerial accounting

Payroll accounting

Financial accounting

Tax accounting

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Verified step by step guidance

Understand the nature of the transaction: The employer is paying for a job-related physical examination, which is a cost incurred as part of employee-related expenses.

Identify the type of accounting that deals with employee-related expenses: Payroll accounting is specifically concerned with recording and managing costs related to employees, such as wages, benefits, and other job-related expenses.

Compare the other options: Managerial accounting focuses on internal decision-making and operational planning, financial accounting deals with preparing financial statements for external users, and tax accounting focuses on compliance with tax laws. None of these directly address employee-related expenses like payroll accounting does.

Determine the most appropriate type of accounting: Since the transaction involves an expense related to employees, payroll accounting is the most relevant type to record this transaction.

Conclude the reasoning: The correct answer is payroll accounting because it directly pertains to tracking and managing employee-related costs, including job-related physical examinations.