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 NOT a type of accounting commonly recognized in the field of financial accounting?

Medical Accounting

Financial Accounting

Managerial Accounting

Tax Accounting

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Verified step by step guidance

Step 1: Understand the types of accounting commonly recognized in the field of financial accounting. These include Financial Accounting, Managerial Accounting, and Tax Accounting. Each of these serves distinct purposes within the accounting profession.

Step 2: Financial Accounting focuses on preparing financial statements for external users, such as investors, creditors, and regulatory agencies. It adheres to standardized principles like GAAP or IFRS.

Step 3: Managerial Accounting is concerned with providing information to internal users, such as managers, to aid in decision-making, budgeting, and performance evaluation.

Step 4: Tax Accounting deals with preparing and filing tax returns, ensuring compliance with tax laws, and planning strategies to minimize tax liabilities.

Step 5: Medical Accounting is not a recognized type of accounting within the field of financial accounting. It is not a standard category and does not align with the core functions of financial, managerial, or tax accounting.