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 an example of managerial accounting?

Auditing a company's financial records for compliance

Filing annual tax returns with the IRS

Preparing a budget report for internal management use

Publishing financial statements for external investors

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Verified step by step guidance

Understand the distinction between financial accounting and managerial accounting. Financial accounting focuses on preparing reports for external stakeholders, such as investors and regulatory bodies, while managerial accounting is concerned with providing information for internal decision-making purposes.

Review the examples provided in the problem. Auditing financial records for compliance and publishing financial statements are activities related to financial accounting, as they involve external reporting and compliance.

Filing annual tax returns with the IRS is a tax-related activity, which is not directly part of managerial accounting but rather falls under tax accounting.

Preparing a budget report for internal management use is an example of managerial accounting because it involves creating reports that help managers make decisions within the organization.

Conclude that managerial accounting focuses on internal processes, such as budgeting, forecasting, and performance evaluation, which are designed to assist management in planning and controlling operations.