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 taking receipt of premiums and holding funds for policyholders?

Tax accounting

Insurance accounting

Governmental accounting

Cost accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about a type of accounting that deals with receiving premiums and holding funds for policyholders. This is specific to the insurance industry.

Review the definitions of the accounting types provided: Tax accounting focuses on compliance with tax laws, governmental accounting deals with public sector finances, and cost accounting is concerned with analyzing costs for decision-making.

Learn about insurance accounting: Insurance accounting is a specialized field that manages financial transactions related to insurance policies, including premiums received and funds held for policyholders.

Identify the correct answer: Based on the definitions, insurance accounting is the type of accounting that matches the description provided in the question.

Conclude the reasoning: The correct answer is insurance accounting because it directly addresses the financial activities related to premiums and policyholder funds.