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 most commonly used by traditional banks to record day-to-day financial transactions?

Tax accounting

Managerial accounting

Financial accounting

Cost accounting

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Understand the different types of accounting mentioned in the problem: Tax accounting, Managerial accounting, Financial accounting, and Cost accounting.

Tax accounting focuses on compliance with tax laws and regulations, ensuring accurate reporting for tax purposes.

Managerial accounting is used internally by organizations to make decisions, plan, and control operations, focusing on future-oriented data.

Cost accounting deals with analyzing and controlling costs within an organization, often used for manufacturing or production processes.

Financial accounting is the most commonly used type of accounting by traditional banks to record day-to-day financial transactions. It involves preparing financial statements, such as balance sheets and income statements, to provide an accurate picture of the financial position and performance of the entity.