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 a type of accounting primarily concerned with providing information to internal users for decision-making purposes?

Tax accounting

Managerial accounting

Governmental accounting

Financial accounting

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Verified step by step guidance

Understand the different types of accounting and their purposes. Tax accounting focuses on compliance with tax laws and regulations, governmental accounting deals with public sector financial management, financial accounting provides information to external users, and managerial accounting is designed for internal users.

Identify the key characteristic of managerial accounting: it provides detailed and relevant information to internal users, such as managers, to assist in decision-making processes.

Compare the options provided in the question. Tax accounting, governmental accounting, and financial accounting are primarily focused on external reporting or compliance, whereas managerial accounting is focused on internal decision-making.

Recognize that the question specifically asks for the type of accounting concerned with internal users and decision-making purposes. This aligns with the definition of managerial accounting.

Conclude that the correct answer is managerial accounting, as it is the type of accounting primarily concerned with providing information to internal users for decision-making purposes.