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

Nathan is a small business owner who wants to keep track of his company's financial transactions and ensure compliance with tax regulations. Which type of accounting would be most appropriate for Nathan to use?

Tax accounting

Managerial accounting

Cost accounting

Financial accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem: Tax accounting focuses on compliance with tax laws and regulations, Managerial accounting is used for internal decision-making, Cost accounting analyzes costs for production and operations, and Financial accounting provides a summary of financial transactions for external stakeholders.

Identify Nathan's primary goal, which is to keep track of his company's financial transactions and ensure compliance with tax regulations.

Match Nathan's goal with the most appropriate type of accounting. Since compliance with tax regulations is explicitly mentioned, Tax accounting is the most relevant type for this purpose.

Consider the other options to ensure they do not align better with Nathan's needs. Managerial accounting, Cost accounting, and Financial accounting serve different purposes that do not directly address tax compliance.

Conclude that Tax accounting is the most appropriate type for Nathan to use based on his stated goal of ensuring compliance with tax regulations.