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 type of accounting?

Actuarial Accounting

Financial Accounting

Tax Accounting

Managerial Accounting

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Verified step by step guidance

Step 1: Understand the types of accounting listed in the problem. Financial Accounting, Tax Accounting, and Managerial Accounting are all recognized branches of accounting, each serving specific purposes within organizations.

Step 2: Define Financial Accounting. It involves recording, summarizing, and reporting the financial transactions of a business to external stakeholders such as investors, creditors, and regulatory agencies.

Step 3: Define Tax Accounting. It focuses on preparing tax returns and ensuring compliance with tax laws and regulations. It is specialized to meet the requirements of tax authorities.

Step 4: Define Managerial Accounting. It is concerned with providing financial information to internal stakeholders, such as managers, to assist in decision-making, planning, and controlling operations.

Step 5: Recognize that Actuarial Accounting is not a recognized type of accounting. Actuarial work typically involves assessing financial risks and uncertainties, often in insurance and pension industries, but it is not classified as a type of accounting.