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

Mrs. Paterson is concerned about the deductibles related to her business expenses. Which type of accounting would most likely address her concerns about tax deductibility?

Tax accounting

Financial accounting

Managerial accounting

Cost accounting

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Verified step by step guidance

Understand the context of the problem: Mrs. Paterson is concerned about deductibles related to her business expenses, which are directly tied to tax regulations and compliance.

Review the definitions of the accounting types provided: Tax accounting focuses on compliance with tax laws and regulations, including deductions and taxable income. Financial accounting deals with preparing financial statements for external stakeholders. Managerial accounting focuses on internal decision-making and planning. Cost accounting analyzes costs for production and operations.

Identify the accounting type that specifically addresses tax-related concerns: Tax accounting is designed to ensure compliance with tax laws, calculate taxable income, and maximize allowable deductions.

Relate Mrs. Paterson's concern to the purpose of tax accounting: Since her concern is about deductibles, tax accounting is the most relevant type as it deals with tax compliance and optimization of deductions.

Conclude that tax accounting is the correct answer because it directly addresses concerns about tax deductibility and compliance with tax regulations.