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 of the following is NOT a characteristic typically associated with managerial accounting within a company's operations?

Is primarily governed by Generally Accepted Accounting Principles (GAAP)

Emphasizes future projections and budgets

Focuses on providing information for internal decision-making

Reports can be prepared as needed, rather than on a fixed schedule

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Verified step by step guidance

Understand the distinction between managerial accounting and financial accounting. Managerial accounting focuses on internal decision-making, while financial accounting is governed by GAAP and focuses on external reporting.

Review the characteristics of managerial accounting: it emphasizes future projections, budgets, and internal decision-making, and reports can be prepared as needed rather than on a fixed schedule.

Identify the characteristic that does not align with managerial accounting. Managerial accounting is not primarily governed by GAAP; this is a feature of financial accounting.

Compare each option provided in the question to the characteristics of managerial accounting to determine which one is inconsistent.

Conclude that the correct answer is the option stating 'Is primarily governed by Generally Accepted Accounting Principles (GAAP)' because this is a characteristic of financial accounting, not managerial accounting.