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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which type of accounting uses the first day of the calendar year as the beginning of its reporting period for tracking earnings?

Managerial accounting

Cost accounting

Fiscal-year accounting

Calendar-year accounting

Previous problemNext problem

Verified step by step guidance

Understand the concept of accounting periods: Accounting periods are specific time frames used to track and report financial information. These periods can vary depending on the type of accounting system used.

Learn about calendar-year accounting: Calendar-year accounting uses January 1st as the beginning of its reporting period and December 31st as the end. This aligns with the standard calendar year.

Differentiate calendar-year accounting from fiscal-year accounting: Fiscal-year accounting may start on any date and end 12 months later, depending on the organization's preference or regulatory requirements. Calendar-year accounting strictly follows the calendar year.

Recognize the purpose of calendar-year accounting: It is commonly used by individuals and businesses whose reporting aligns with the standard calendar year for simplicity and compliance with tax regulations.

Identify the correct answer: Based on the description provided, the type of accounting that uses the first day of the calendar year as the beginning of its reporting period is calendar-year accounting.