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 classified as managerial accounting?

Reporting financial results to shareholders

Preparing internal budgets for company management

Filing tax returns with government authorities

Auditing financial statements for external users

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Verified step by step guidance

Understand the distinction between financial accounting and managerial accounting. Financial accounting focuses on reporting financial information to external parties such as shareholders, creditors, and regulatory authorities. Managerial accounting, on the other hand, is concerned with providing information to internal users, such as company management, to aid in decision-making.

Review the options provided in the problem. Each option represents a different accounting activity. Identify which activities are external-facing (financial accounting) and which are internal-facing (managerial accounting).

Option 1: Reporting financial results to shareholders is an external-facing activity and falls under financial accounting.

Option 3: Filing tax returns with government authorities is a compliance activity and is typically associated with tax accounting, not managerial accounting.

Option 2: Preparing internal budgets for company management is an internal-facing activity designed to help management plan and control operations. This is classified as managerial accounting.