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 involves communicating financial information to large numbers of external users, such as investors and creditors, at one time?

Managerial accounting

Financial accounting

Cost accounting

Tax accounting

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Verified step by step guidance

Understand the different types of accounting mentioned in the problem: Managerial accounting, Financial accounting, Cost accounting, and Tax accounting.

Managerial accounting focuses on providing information to internal users, such as managers, to assist in decision-making within the organization.

Cost accounting is a subset of managerial accounting that deals with analyzing and controlling costs within the organization.

Tax accounting involves preparing and reporting financial information in compliance with tax laws and regulations, primarily for tax authorities.

Financial accounting is the type of accounting that communicates financial information to external users, such as investors and creditors, through standardized reports like financial statements. This matches the description in the problem.