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 protecting business assets against risks such as fire, theft, and other hazards?

Forensic Accounting

Management Accounting

Cost Accounting

Insurance Accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about a type of accounting that focuses on protecting business assets against risks such as fire, theft, and other hazards.

Review the definitions of the accounting types mentioned: Forensic Accounting deals with investigating fraud and financial discrepancies, Management Accounting focuses on internal decision-making, and Cost Accounting analyzes costs for budgeting and efficiency.

Recognize that none of the listed accounting types directly address risk protection against hazards. Instead, Insurance Accounting is the correct answer because it deals with managing and recording transactions related to insurance policies and claims, which are designed to mitigate such risks.

Clarify that Insurance Accounting involves tracking premiums, claims, and reserves to ensure businesses are financially protected against unforeseen events.

Conclude that the correct answer is Insurance Accounting, as it aligns with the goal of safeguarding business assets against risks like fire, theft, and other hazards.