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 focused on helping organizations achieve their long-term financial goals by providing information for planning and decision-making?

Tax accounting

Auditing

Financial accounting

Managerial accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem: Tax accounting focuses on compliance with tax laws, auditing ensures the accuracy of financial statements, financial accounting provides information for external stakeholders, and managerial accounting aids internal decision-making.

Recognize that the question is asking about accounting that helps organizations achieve long-term financial goals through planning and decision-making.

Recall that managerial accounting is specifically designed to provide internal reports and analyses to assist managers in strategic planning, budgeting, and decision-making processes.

Differentiate managerial accounting from financial accounting, which is primarily concerned with reporting financial information to external parties such as investors and creditors.

Conclude that the correct answer is managerial accounting, as it aligns with the goal of helping organizations achieve their long-term financial objectives through internal planning and decision-making.