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 statements about types of accounting is NOT true?

Tax accounting deals exclusively with the preparation of financial statements for shareholders.

Managerial accounting is primarily concerned with preparing reports for internal management decision-making.

Auditing involves the independent examination of financial statements to ensure accuracy and compliance.

Financial accounting focuses on providing information to external users such as investors and creditors.

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Verified step by step guidance

Step 1: Begin by understanding the different types of accounting mentioned in the problem: Tax accounting, Managerial accounting, Auditing, and Financial accounting. Each type serves a specific purpose and audience.

Step 2: Review the definition of Tax accounting. Tax accounting primarily focuses on compliance with tax laws and regulations, including the preparation of tax returns and planning strategies. It does not deal exclusively with preparing financial statements for shareholders.

Step 3: Examine Managerial accounting. Managerial accounting is concerned with providing internal reports and data to assist management in decision-making, such as budgeting, forecasting, and performance evaluation.

Step 4: Consider Auditing. Auditing involves the independent examination of financial statements to ensure their accuracy, reliability, and compliance with accounting standards and regulations.

Step 5: Analyze Financial accounting. Financial accounting focuses on preparing financial statements that provide information to external users, such as investors, creditors, and regulatory agencies, to make informed decisions.