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 responsible for recording transactions such as taking receipt of premiums and holding them for the insurance company?

Insurance Accounting

Tax Accounting

Cost Accounting

Governmental Accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about the type of accounting that deals with recording transactions related to premiums and their management for an insurance company.

Review the definitions of the accounting types provided: Insurance Accounting, Tax Accounting, Cost Accounting, and Governmental Accounting.

Focus on Insurance Accounting: This type of accounting is specifically tailored to the insurance industry, where transactions like receipt of premiums and their allocation are recorded and managed.

Compare Insurance Accounting with the other options: Tax Accounting deals with tax-related matters, Cost Accounting focuses on cost management and analysis, and Governmental Accounting pertains to public sector financial management.

Conclude that Insurance Accounting is the most relevant type for recording transactions such as taking receipt of premiums and holding them for the insurance company.