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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which type of accounting focuses on the methods a business uses to earn income and generate profits?

Managerial Accounting

Revenue Recognition Accounting

Cost Accounting

Financial Accounting

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the different types of accounting mentioned in the problem. Managerial Accounting focuses on providing information to internal users for decision-making, such as budgeting and performance evaluation.

Step 2: Learn about Revenue Recognition Accounting, which deals with the principles and rules for recognizing revenue in financial statements, ensuring it is recorded when earned and realizable.

Step 3: Explore Cost Accounting, which involves tracking, recording, and analyzing costs associated with production or operations to help businesses control expenses and improve profitability.

Step 4: Understand Financial Accounting, which focuses on preparing financial statements (e.g., income statement, balance sheet) to provide information about a business's financial performance and position to external users like investors and creditors.

Step 5: Based on the definitions, identify which type of accounting specifically addresses the methods a business uses to earn income and generate profits. This involves analyzing the focus of each accounting type and matching it to the problem's context.