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 is NOT a primary type of accounting used in business?

Tax accounting

Managerial accounting

Production accounting

Financial accounting

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Verified step by step guidance

Step 1: Understand the primary types of accounting used in business. These include Financial Accounting, Managerial Accounting, and Tax Accounting. Each serves a distinct purpose in the business environment.

Step 2: Financial Accounting focuses on preparing financial statements for external stakeholders, such as investors, creditors, and regulatory agencies.

Step 3: Managerial Accounting is used internally by management to make decisions, plan, and control operations. It involves budgeting, forecasting, and performance evaluation.

Step 4: Tax Accounting deals with compliance with tax laws and regulations, ensuring accurate reporting and payment of taxes.

Step 5: Production Accounting is not considered a primary type of accounting in business. It is more specific to industries like film and television production, where it tracks costs and budgets for projects.