Multiple Choice
Which type of accounting is primarily concerned with recording and tracking how customers pay for goods or services, such as by cash, check, coins, or credit card?
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1. Introduction to Accounting
Types of Accounting
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Which of the following are the two general areas of specialization in accounting?
A
Financial accounting and managerial accounting
B
Auditing and cost accounting
C
Tax accounting and forensic accounting
D
Government accounting and nonprofit accounting
Verified step by step guidance1
Understand the question: The problem is asking about the two general areas of specialization in accounting. This requires knowledge of the broad categories within the field of accounting.
Recall the key concepts: Accounting is generally divided into two main areas: Financial Accounting and Managerial Accounting. Financial Accounting focuses on preparing financial statements for external users, while Managerial Accounting focuses on providing information for internal decision-making.
Evaluate the options: Review each pair of specializations provided in the question and determine whether they align with the general areas of accounting specialization.
Eliminate incorrect options: For example, Auditing, Tax Accounting, Forensic Accounting, Government Accounting, and Nonprofit Accounting are subfields or specialized practices within accounting, but they do not represent the two general areas of specialization.
Select the correct answer: Based on the analysis, the correct answer is 'Financial accounting and managerial accounting,' as these are the two overarching areas of specialization in accounting.
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