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 statements is TRUE regarding commercial banks and individual banks in the context of accounting types?

Individual banks refer to a specific accounting method used by corporations, while commercial banks only handle investment accounting.

Commercial banks and individual banks are both subfields of managerial accounting.

Both commercial banks and individual banks are types of accounting systems used to record personal transactions.

Commercial banks are financial institutions that provide services such as accepting deposits and granting loans, while individual banks is not a recognized type of accounting.

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Verified step by step guidance

Step 1: Begin by understanding the context of the question, which is about distinguishing between commercial banks and individual banks in the realm of accounting.

Step 2: Clarify the term 'commercial banks.' Commercial banks are financial institutions that provide services such as accepting deposits, granting loans, and offering other financial products. They are not a type of accounting system but rather entities involved in financial transactions.

Step 3: Analyze the term 'individual banks.' This term is not recognized as a type of accounting or financial institution in the context of accounting. It may be a misinterpretation or incorrect terminology.

Step 4: Evaluate the statements provided in the question. The first three statements incorrectly describe commercial banks and individual banks in the context of accounting. The fourth statement correctly identifies commercial banks as financial institutions and clarifies that 'individual banks' is not a recognized accounting type.

Step 5: Conclude that the correct answer is the fourth statement, as it accurately distinguishes commercial banks from the undefined term 'individual banks' and provides clarity on their roles.