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 is primarily concerned with tracking the maximum amount of funds that can be lent to a consumer, often referred to as a 'line of credit'?

Tax Accounting

Financial Accounting

Cost Accounting

Credit Accounting

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Verified step by step guidance

Step 1: Begin by understanding the different types of accounting mentioned in the problem: Tax Accounting, Financial Accounting, Cost Accounting, and Credit Accounting. Each serves a distinct purpose in the field of accounting.

Step 2: Tax Accounting focuses on compliance with tax laws and regulations, ensuring accurate reporting of taxable income and deductions. It is not primarily concerned with lending or credit limits.

Step 3: Financial Accounting deals with the preparation of financial statements, such as balance sheets and income statements, to provide information about a company's financial performance. It does not directly address consumer credit limits.

Step 4: Cost Accounting is concerned with analyzing and controlling costs within a business to improve efficiency and profitability. It does not involve tracking funds for lending purposes.

Step 5: Credit Accounting is specifically designed to track and manage credit-related transactions, including determining the maximum amount of funds that can be lent to a consumer, often referred to as a 'line of credit.' This makes it the correct answer to the problem.