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

Products that a firm has not previously offered would be considered which type of accounting product?

Managerial accounting product

Cost accounting product

Financial accounting product

New product

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Verified step by step guidance

Understand the context of the question: It is asking about the type of accounting product associated with products that a firm has not previously offered.

Review the definitions of the three accounting types mentioned: Managerial accounting, Cost accounting, and Financial accounting.

Managerial accounting focuses on internal decision-making and includes planning, controlling, and evaluating operations. It often deals with new product development and internal strategies.

Cost accounting is concerned with determining the cost of producing goods or services, which can include analyzing costs for new products but is more focused on cost measurement and control.

Financial accounting deals with external reporting and compliance, focusing on historical financial data rather than new product development. Based on these definitions, the correct answer aligns with Managerial accounting as it involves internal decision-making for new products.