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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following statements is true regarding the social responsibilities of a business in the context of accounting?

Managerial accounting is solely concerned with external reporting of social responsibility activities.

Social responsibility accounting involves reporting on a company's impact on society and the environment.

Financial accounting focuses primarily on measuring a company's social and environmental impact.

Tax accounting requires companies to disclose their social responsibility initiatives in tax returns.

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the concept of social responsibility accounting. Social responsibility accounting refers to the process of reporting on a company's impact on society and the environment. It is a broader aspect of accounting that goes beyond financial metrics to include non-financial information related to sustainability and ethical practices.

Step 2: Clarify the role of managerial accounting. Managerial accounting primarily focuses on internal decision-making and does not solely concern itself with external reporting of social responsibility activities. It is used to provide information to managers for planning, controlling, and decision-making purposes.

Step 3: Examine the scope of financial accounting. Financial accounting is primarily concerned with preparing financial statements that reflect the financial performance and position of a company. It does not focus on measuring a company's social and environmental impact, although some companies may voluntarily include such information in their reports.

Step 4: Analyze the role of tax accounting. Tax accounting deals with compliance with tax laws and regulations. It does not require companies to disclose their social responsibility initiatives in tax returns, as these are not typically relevant to tax calculations.

Step 5: Identify the correct statement. Based on the analysis, the correct statement is: 'Social responsibility accounting involves reporting on a company's impact on society and the environment.' This aligns with the definition and purpose of social responsibility accounting.