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

Tax accounting

Auditing

Managerial accounting

Financial accounting

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Verified step by step guidance

Understand the different types of accounting: Financial accounting focuses on providing information to external users such as investors, creditors, and regulatory agencies. Managerial accounting, on the other hand, is designed to provide information to internal users, such as managers, to aid in decision-making.

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

Auditing involves examining financial records to ensure accuracy and compliance with standards, but it is not primarily concerned with providing information for internal decision-making.

Managerial accounting is the correct type of accounting for internal users because it provides detailed reports, forecasts, and analyses tailored to the needs of management for planning, controlling, and decision-making purposes.

To answer the question, identify that Managerial accounting is the type of accounting primarily concerned with providing information to internal users for decision-making purposes.