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 primarily focuses on the duties and obligations of businesses that contribute to the well-being of society?

Managerial accounting

Financial accounting

Cost accounting

Social accounting

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Verified step by step guidance

Understand the concept of Social Accounting: Social accounting is a type of accounting that focuses on the social and environmental impact of a business's activities. It evaluates how businesses contribute to the well-being of society, including their ethical practices, sustainability efforts, and community involvement.

Differentiate Social Accounting from other types of accounting: Managerial accounting focuses on internal decision-making, financial accounting deals with external reporting of financial performance, and cost accounting analyzes costs for budgeting and efficiency. Social accounting, however, emphasizes societal and environmental responsibilities.

Recognize the purpose of Social Accounting: Its primary goal is to measure and report the social and environmental effects of a company's operations, ensuring accountability to stakeholders beyond just financial performance.

Identify examples of Social Accounting practices: These include reporting on carbon emissions, charitable contributions, employee welfare programs, and community development initiatives.

Understand the importance of Social Accounting: It helps businesses align their operations with societal values, build trust with stakeholders, and contribute positively to the community and environment.