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 types of accounting primarily tracks inventory across the organization?

Financial accounting

Auditing

Tax accounting

Cost accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem: Financial accounting focuses on preparing financial statements for external stakeholders, Auditing ensures the accuracy and compliance of financial records, Tax accounting deals with tax-related matters, and Cost accounting tracks costs and inventory within the organization.

Recognize that inventory tracking is a key component of Cost accounting, as it involves monitoring and managing the costs associated with production, materials, and goods.

Recall that Cost accounting provides detailed insights into the cost structure of an organization, which includes inventory management, helping businesses make informed decisions about pricing, budgeting, and resource allocation.

Eliminate the other options by considering their primary functions: Financial accounting does not focus on inventory tracking, Auditing is about verifying records, and Tax accounting is centered on tax compliance.

Conclude that the correct type of accounting for tracking inventory across the organization is Cost accounting, as it is specifically designed to handle such tasks.