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 the recording and reporting of a provision that allows a policyowner to withdraw a policy's cash value?

Managerial Accounting

Financial Accounting

Insurance Accounting

Tax Accounting

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Verified step by step guidance

Step 1: Understand the context of the question. The problem is asking about the type of accounting that deals with recording and reporting provisions related to a policyowner withdrawing a policy's cash value. This is specific to the insurance industry.

Step 2: Review the definitions of the accounting types provided: Managerial Accounting focuses on internal decision-making, Financial Accounting deals with external reporting, Tax Accounting is concerned with tax compliance, and Insurance Accounting specializes in the financial aspects of insurance policies.

Step 3: Identify the correct type of accounting. Since the question specifically mentions provisions related to a policyowner withdrawing a policy's cash value, this falls under Insurance Accounting, which is tailored to the unique financial transactions and reporting requirements of insurance companies.

Step 4: Confirm the reasoning. Insurance Accounting is primarily concerned with recording and reporting provisions like cash value withdrawals because these are specific to insurance policies and require specialized accounting practices.

Step 5: Conclude that the correct answer is Insurance Accounting, as it directly addresses the financial reporting needs of the scenario described in the problem.