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

While driving, you damage a fence. The repair costs would be covered by which type of accounting?

Managerial accounting

Insurance accounting

Tax accounting

Cost accounting

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Verified step by step guidance

Step 1: Begin by understanding the context of the problem. The scenario involves damage to a fence and determining which type of accounting would cover the repair costs.

Step 2: Review the definitions of the accounting types provided in the options: Managerial accounting, Insurance accounting, Tax accounting, and Cost accounting.

Step 3: Managerial accounting focuses on internal decision-making and does not deal with external claims or repairs. Tax accounting deals with compliance and reporting for tax purposes, not repair costs. Cost accounting analyzes costs related to production or operations, not external damages.

Step 4: Insurance accounting is the type of accounting that deals with claims and coverage for damages. Repair costs for the fence would typically be covered under an insurance policy, making Insurance accounting the correct answer.

Step 5: Conclude that understanding the purpose and scope of each accounting type is essential for identifying the correct answer in such scenarios.