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 NOT considered a type of accounting?

Financial accounting

Managerial accounting

Tax accounting

Medical accounting

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the concept of accounting types. Accounting is broadly categorized into different types based on its purpose and audience, such as Financial Accounting, Managerial Accounting, and Tax Accounting.

Step 2: Define Financial Accounting. Financial Accounting focuses on preparing financial statements for external stakeholders, such as investors, creditors, and regulatory agencies.

Step 3: Define Managerial Accounting. Managerial Accounting is used internally by management to make decisions, plan, and control operations. It involves budgeting, forecasting, and performance evaluation.

Step 4: Define Tax Accounting. Tax Accounting deals with preparing tax returns and ensuring compliance with tax laws. It focuses on transactions that affect tax liabilities.

Step 5: Recognize that Medical Accounting is not a recognized type of accounting. It is unrelated to the established categories of accounting and does not serve the same financial or managerial purposes.