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 statements about investment costs and returns is correct?

Managerial accounting is primarily concerned with reporting investment returns to shareholders.

Financial accounting focuses on reporting investment returns to external stakeholders.

Tax accounting does not consider investment costs when preparing tax returns.

Cost accounting is used to calculate the fair value of investments for financial statements.

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Verified step by step guidance

Step 1: Understand the context of the question by identifying the key concepts: investment costs, returns, and the different branches of accounting (managerial accounting, financial accounting, tax accounting, and cost accounting).

Step 2: Review the purpose of managerial accounting. Managerial accounting focuses on providing internal reports to help managers make decisions, not on reporting investment returns to shareholders.

Step 3: Examine the role of financial accounting. Financial accounting is concerned with preparing financial statements for external stakeholders, including reporting investment returns.

Step 4: Clarify the role of tax accounting. Tax accounting focuses on compliance with tax laws and regulations, and it does consider investment costs when preparing tax returns, contrary to the statement provided.

Step 5: Analyze the purpose of cost accounting. Cost accounting is primarily used to determine the cost of production or services, not to calculate the fair value of investments for financial statements.