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 of the following types of accounting is primarily concerned with the process of evaluating and accepting risks, such as in the underwriting process for life insurance?

Managerial accounting

Actuarial accounting

Financial accounting

Tax 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 evaluating and accepting risks, particularly in the underwriting process for life insurance.

Clarify the key terms: Underwriting in life insurance involves assessing risks and determining premiums based on statistical and financial analysis. This is closely related to actuarial science, which uses mathematical and statistical methods to evaluate risks.

Differentiate the accounting types: Managerial accounting focuses on internal decision-making, financial accounting deals with external reporting, and tax accounting is concerned with compliance and tax-related matters. Actuarial accounting, however, is specialized in risk evaluation and is directly tied to the underwriting process.

Identify the correct answer: Based on the description, actuarial accounting is the type of accounting primarily concerned with evaluating and accepting risks in the underwriting process for life insurance.

Conclude the reasoning: The correct answer is 'Actuarial accounting' because it aligns with the process of risk evaluation and acceptance, which is central to the underwriting process in life insurance.