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 best describes the type of information provided by managerial accounting?

Financial statements prepared for external stakeholders

Tax filings required by government agencies

Detailed internal reports to assist management in planning and decision-making

Audited reports for shareholders

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Verified step by step guidance

Understand the distinction between managerial accounting and financial accounting. Managerial accounting focuses on providing information for internal use by management, while financial accounting is aimed at external stakeholders such as investors and creditors.

Review the types of reports typically generated by managerial accounting. These include budgets, forecasts, cost analyses, and performance evaluations, which are designed to assist management in planning and decision-making.

Consider the purpose of financial statements prepared for external stakeholders. These are part of financial accounting and are designed to provide a snapshot of the company's financial health to external parties.

Evaluate the role of tax filings required by government agencies. These are compliance documents and are not typically part of managerial accounting, as they are prepared for external regulatory purposes.

Conclude that managerial accounting is characterized by detailed internal reports tailored to assist management in operational and strategic decision-making, which differentiates it from the other options provided.