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 primarily concerned with providing information to internal users for decision-making purposes?

Financial Accounting

Auditing

Tax Accounting

Managerial Accounting

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Verified step by step guidance

Understand the distinction between Financial Accounting and Managerial Accounting. Financial Accounting focuses on providing information to external users such as investors, creditors, and regulatory agencies, while Managerial Accounting is designed to provide information to internal users like managers for decision-making purposes.

Recognize the role of Auditing. Auditing involves examining financial statements and records to ensure accuracy and compliance with regulations, but it is not primarily concerned with internal decision-making.

Understand Tax Accounting. Tax Accounting deals with preparing and filing tax returns and ensuring compliance with tax laws, which is not focused on internal decision-making.

Identify the purpose of Managerial Accounting. Managerial Accounting provides detailed financial and operational information to internal users, such as managers, to assist in planning, controlling, and decision-making processes.

Conclude that Managerial Accounting is the correct answer because it is specifically designed to support internal users in making informed decisions within an organization.