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 type of accounting is primarily concerned with providing information to internal users for decision-making purposes?

Managerial accounting

Governmental accounting

Tax accounting

Financial accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem. Managerial accounting focuses on providing information to internal users, such as managers, to aid in decision-making. Financial accounting, on the other hand, is primarily concerned with external users like investors and creditors.

Review the definition of Governmental accounting. It deals with the financial activities and reporting of government entities, which is not primarily focused on internal decision-making.

Examine Tax accounting. This type of accounting is concerned with preparing tax returns and ensuring compliance with tax laws, which is also not focused on internal decision-making.

Compare Managerial accounting with Financial accounting. Managerial accounting is specifically designed to provide detailed and relevant information to internal users, such as cost analysis, budgeting, and performance evaluation.

Conclude that Managerial accounting is the correct answer because it is primarily concerned with providing information to internal users for decision-making purposes.