Multiple Choice
Which of the following is a way to borrow money from a bank or financial institution to pay for a car?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
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Which of the following is NOT a primary type of accounting?
A
Biological Accounting
B
Financial Accounting
C
Tax Accounting
D
Managerial Accounting
Verified step by step guidance1
Step 1: Understand the concept of primary types of accounting. Primary types of accounting refer to the main branches of accounting that serve specific purposes in financial reporting and decision-making.
Step 2: Review the definitions of the listed types of accounting: Financial Accounting focuses on preparing financial statements for external users; Tax Accounting deals with compliance and preparation of tax returns; Managerial Accounting provides information for internal decision-making.
Step 3: Analyze the term 'Biological Accounting.' This term is not recognized as a primary type of accounting in the field of Financial Accounting. It does not align with the established branches of accounting.
Step 4: Compare the listed options to identify which one does not fit within the recognized primary types of accounting.
Step 5: Conclude that 'Biological Accounting' is not a primary type of accounting, as it is not a standard branch within the field of accounting.
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