Multiple Choice
Which of the lists below contains only permanent accounts?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following is a type of accounting commonly used in organizations?
A
Biological accounting
B
Astrological accounting
C
Financial accounting
D
Meteorological accounting
Verified step by step guidance1
Understand the question: The problem is asking to identify a type of accounting commonly used in organizations.
Review the options provided: Biological accounting, Astrological accounting, Financial accounting, and Meteorological accounting.
Recall the definition of Financial Accounting: It is the process of recording, summarizing, and reporting the financial transactions of an organization to provide useful information for decision-making.
Eliminate irrelevant options: Biological accounting, Astrological accounting, and Meteorological accounting are not recognized types of accounting in organizations.
Conclude that Financial Accounting is the correct answer, as it is widely used in organizations for financial reporting and decision-making.
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