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

When an insured pays a $100 premium every month for an insurance policy, which type of accounting is primarily used to record and report these transactions?

Financial accounting

Tax accounting

Managerial accounting

Insurance accounting

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Verified step by step guidance

Understand the context of the problem: The insured is paying a monthly premium for an insurance policy, which involves recording and reporting financial transactions related to insurance.

Identify the types of accounting mentioned: Financial accounting focuses on external reporting, tax accounting deals with tax compliance, managerial accounting is for internal decision-making, and insurance accounting is specialized for the insurance industry.

Recognize that insurance accounting is a specialized branch of accounting designed to handle transactions and reporting specific to insurance policies, premiums, claims, and reserves.

Consider why insurance accounting is the correct answer: It ensures accurate tracking of premiums paid, reserves for claims, and compliance with regulatory requirements specific to the insurance industry.

Conclude that the correct type of accounting for recording and reporting these transactions is insurance accounting, as it is tailored to the unique needs of the insurance sector.