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

Under which type of accounting would a family most likely record and analyze their application for a mortgage?

Cost accounting

Government accounting

Management accounting

Personal accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about the type of accounting that a family would use to record and analyze their application for a mortgage. This involves personal financial matters rather than business or organizational accounting.

Review the definitions of the accounting types provided: Cost accounting focuses on tracking and managing costs within a business. Government accounting deals with the financial management of public funds. Management accounting is used by businesses to make internal decisions. Personal accounting, on the other hand, involves managing an individual's or family's financial activities.

Identify the key characteristics of personal accounting: Personal accounting includes activities such as budgeting, tracking income and expenses, managing debts, and planning for financial goals. Applying for a mortgage falls under this category because it involves personal financial planning and debt management.

Eliminate the incorrect options: Since the question pertains to a family's financial activities, cost accounting, government accounting, and management accounting are not relevant. These are used in business or public sector contexts, not for personal financial matters.

Conclude that the correct type of accounting for this scenario is personal accounting, as it directly relates to managing and analyzing individual or family finances, including mortgage applications.