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 classifications represents the most common type of accounting used by publicly traded companies?

Financial Accounting

Tax Accounting

Managerial Accounting

Cost Accounting

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Verified step by step guidance

Understand the classifications of accounting provided in the question: Financial Accounting, Tax Accounting, Managerial Accounting, and Cost Accounting.

Recognize that publicly traded companies are required to prepare financial statements for external stakeholders, such as investors, creditors, and regulatory agencies.

Learn that Financial Accounting focuses on the preparation of these financial statements, including the balance sheet, income statement, and cash flow statement, in accordance with standardized rules like Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).

Contrast Financial Accounting with other types of accounting: Tax Accounting deals with tax compliance and planning, Managerial Accounting focuses on internal decision-making, and Cost Accounting analyzes costs for operational efficiency.

Conclude that Financial Accounting is the most common type of accounting used by publicly traded companies because it ensures transparency and compliance with external reporting requirements.