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

A manufacturer makes finished products from raw materials and is a type of:

Manufacturing accounting

Managerial accounting

Financial accounting

Cost accounting

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Verified step by step guidance

Understand the context of the problem: The question is asking about the type of accounting that applies to a manufacturer making finished products from raw materials.

Review the definitions of the accounting types provided: Manufacturing accounting focuses on tracking costs and processes specific to production. Managerial accounting involves providing information to managers for decision-making. Financial accounting deals with preparing financial statements for external users. Cost accounting focuses on analyzing and controlling costs.

Identify the key activity described in the problem: The manufacturer is converting raw materials into finished products, which involves tracking production costs and processes.

Match the activity to the appropriate accounting type: Since the problem emphasizes production and costs, it aligns most closely with Manufacturing accounting and Cost accounting.

Consider the broader scope of the options: While Manufacturing accounting is specific to production, Cost accounting is a subset of Managerial accounting, which provides detailed cost information for decision-making. Financial accounting is less relevant here as it focuses on external reporting.