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 of the following is an example of managerial accounting?

Preparing a budget report for internal management use

Auditing a company's financial statements for external users

Recording transactions in accordance with GAAP for external reporting

Filing tax returns with the IRS

Previous problemNext problem

Verified step by step guidance

Understand the distinction between managerial accounting and financial accounting. Managerial accounting focuses on providing information for internal decision-making, while financial accounting is aimed at external reporting.

Review the options provided in the problem. Identify which activities are related to internal management versus external reporting or compliance.

Option 1: Preparing a budget report for internal management use. This is a key example of managerial accounting because it involves creating reports to assist managers in planning and decision-making within the organization.

Option 2: Auditing a company's financial statements for external users. This is part of financial accounting, as it ensures the accuracy of financial reports for external stakeholders like investors and creditors.

Option 3: Recording transactions in accordance with GAAP for external reporting and Option 4: Filing tax returns with the IRS. Both are examples of financial accounting or compliance activities, not managerial accounting.