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 of the following types of accounting is primarily concerned with providing information to internal management for decision-making purposes?

Governmental accounting

Tax accounting

Financial accounting

Managerial accounting

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Verified step by step guidance

Understand the purpose of each type of accounting mentioned in the problem. Governmental accounting focuses on the financial activities of government entities, tax accounting deals with compliance with tax laws, and financial accounting provides information to external stakeholders such as investors and creditors.

Recognize that the question is asking about the type of accounting that provides information specifically to internal management for decision-making purposes.

Learn the definition of managerial accounting: Managerial accounting is a branch of accounting that focuses on providing financial and non-financial information to internal management to assist in planning, controlling, and decision-making processes.

Compare the characteristics of managerial accounting with the other types of accounting listed in the problem. Managerial accounting is distinct because it is tailored to the needs of internal users rather than external stakeholders.

Conclude that the correct answer is managerial accounting, as it aligns with the requirement of providing information to internal management for decision-making purposes.