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 types of accounting is primarily concerned with insuring a risk against possible loss?

Managerial Accounting

Insurance Accounting

Financial Accounting

Cost Accounting

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Verified step by step guidance

Understand the question: The problem is asking which type of accounting is primarily concerned with insuring a risk against possible loss. This requires identifying the specific focus of each type of accounting listed.

Step 1: Define Managerial Accounting. Managerial Accounting focuses on providing financial and non-financial information to managers for decision-making within an organization. It is not primarily concerned with insuring risks.

Step 2: Define Financial Accounting. Financial Accounting involves recording, summarizing, and reporting financial transactions to external stakeholders, such as investors and creditors. It does not deal with insuring risks.

Step 3: Define Cost Accounting. Cost Accounting focuses on analyzing and controlling costs within an organization to improve efficiency and profitability. It is not related to insuring risks.

Step 4: Define Insurance Accounting. Insurance Accounting is specifically concerned with managing financial transactions related to insurance policies, including assessing risks and insuring against possible losses. This is the correct answer based on the question.