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 firm provides services such as accepting deposits and providing loans to its customers?

Auditing firm

Insurance firm

Banking firm

Consulting firm

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Verified step by step guidance

Step 1: Understand the nature of the services mentioned in the problem, which include accepting deposits and providing loans to customers.

Step 2: Recall the primary functions of different types of firms. For example, auditing firms focus on examining financial records, insurance firms provide risk coverage, consulting firms offer expert advice, and banking firms handle financial transactions like deposits and loans.

Step 3: Match the services described in the problem (accepting deposits and providing loans) to the type of firm that specializes in these activities.

Step 4: Recognize that banking firms are the ones that provide these services as part of their core operations.

Step 5: Conclude that the correct answer is 'Banking firm' based on the alignment of services provided.