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 best describes the two most common types of accounting used by finance companies?

Auditing and environmental accounting

Tax accounting and forensic accounting

Cost accounting and government accounting

Financial accounting and managerial accounting

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Verified step by step guidance

Understand the context of the question: It is asking about the two most common types of accounting used by finance companies. This requires knowledge of accounting categories and their applications.

Review the definitions of financial accounting and managerial accounting: Financial accounting focuses on preparing financial statements for external stakeholders, such as investors and creditors, while managerial accounting focuses on providing information to internal stakeholders, such as managers, for decision-making purposes.

Compare the other options provided: Auditing and environmental accounting, tax accounting and forensic accounting, and cost accounting and government accounting are specialized areas of accounting but are not the most common types used by finance companies.

Recognize that financial accounting and managerial accounting are foundational to the operations of finance companies, as they address both external reporting and internal decision-making needs.

Conclude that the correct answer is financial accounting and managerial accounting, as these are the two most common types of accounting used by finance companies.