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

Managers who redo budgets, rethink processes, or revise policies are typically engaged in which type of accounting?

Tax accounting

Managerial accounting

Financial accounting

Forensic accounting

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Understand the different types of accounting mentioned in the problem: Tax accounting, Managerial accounting, Financial accounting, and Forensic accounting.

Tax accounting focuses on compliance with tax laws and regulations, ensuring accurate reporting for tax purposes.

Managerial accounting involves providing information to managers for decision-making, planning, and controlling operations. It includes activities like budgeting, process improvement, and policy revision.

Financial accounting is concerned with preparing financial statements for external stakeholders, such as investors and creditors, following standardized rules like GAAP or IFRS.

Forensic accounting deals with investigating financial discrepancies, fraud, or legal disputes. Based on the description in the problem, the correct type of accounting is Managerial accounting, as it aligns with the activities of revising budgets, processes, and policies.