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

Dawn has a retirement account. Which of the following best describes this account?

It is a type of managerial account used to track business expenses.

It is a liability account that records amounts owed to suppliers.

It is a revenue account that tracks income from investments.

It is a personal account used to accumulate savings for retirement, often with tax advantages.

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Verified step by step guidance

Understand the nature of a retirement account: A retirement account is a personal account designed to help individuals save money for their retirement years. It often comes with tax advantages to encourage long-term savings.

Clarify the purpose of the account: Unlike managerial accounts, which are used for tracking business expenses, a retirement account is not related to business operations but is focused on personal financial planning.

Differentiate from liability accounts: Liability accounts record amounts owed to others, such as suppliers or creditors. A retirement account does not represent a debt but rather accumulated savings.

Distinguish from revenue accounts: Revenue accounts track income generated from business operations or investments. A retirement account is not primarily for tracking income but for accumulating savings over time.

Conclude with the correct description: A retirement account is a personal account used to accumulate savings for retirement, often with tax advantages, making it distinct from managerial, liability, or revenue accounts.