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 focuses primarily on providing information to internal users, such as managers, to assist in decision-making?

Tax accounting

Auditing

Financial accounting

Managerial accounting

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Verified step by step guidance

Understand the different types of accounting: Tax accounting focuses on compliance with tax laws, auditing ensures the accuracy of financial statements, financial accounting provides information to external users, and managerial accounting is designed for internal users like managers.

Recognize the purpose of managerial accounting: It provides detailed and relevant information to assist managers in planning, controlling, and decision-making within the organization.

Differentiate between internal and external users: Internal users include managers and employees who need specific data to make operational decisions, while external users include investors, creditors, and regulatory agencies who rely on financial accounting.

Identify the tools and reports used in managerial accounting: Examples include budgets, performance reports, cost analysis, and forecasts, which are tailored to meet the needs of internal decision-makers.

Conclude that managerial accounting is the type of accounting that focuses primarily on providing information to internal users, such as managers, to assist in decision-making.