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

When you are creating a budget for a business, which type of accounting are you primarily using?

Forensic accounting

Managerial accounting

Tax accounting

Financial accounting

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Verified step by step guidance

Understand the purpose of the budget: A budget is a financial plan that outlines expected revenues and expenses for a specific period. It is primarily used for internal decision-making and planning within a business.

Identify the type of accounting that focuses on internal decision-making: Managerial accounting is the branch of accounting that provides financial and non-financial information to managers for planning, controlling, and decision-making purposes.

Differentiate between the accounting types listed: Forensic accounting deals with investigating financial discrepancies and fraud, tax accounting focuses on compliance with tax laws, and financial accounting involves preparing financial statements for external stakeholders.

Recognize that creating a budget is an internal activity: Since budgets are used internally to guide business operations and strategy, they fall under the domain of managerial accounting.

Conclude that the correct answer is managerial accounting: Managerial accounting is the type of accounting primarily used when creating a budget for a business.