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

If a settlement option is not chosen by the beneficiary or policy owner, which type of accounting would most likely be responsible for recording the default payment method selected by the insurance company?

Cost accounting

Managerial accounting

Financial accounting

Tax accounting

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Verified step by step guidance

Understand the context of the problem: The question is asking which type of accounting is responsible for recording the default payment method selected by the insurance company when no settlement option is chosen by the beneficiary or policy owner.

Review the definitions of the accounting types mentioned: Cost accounting focuses on tracking and analyzing costs within a company, Managerial accounting is used for internal decision-making, Tax accounting deals with compliance with tax laws, and Financial accounting is concerned with recording, summarizing, and reporting financial transactions to external parties.

Identify the nature of the transaction: The default payment method selected by the insurance company is a financial transaction that needs to be recorded and reported in the company's financial statements.

Determine the appropriate accounting type: Since the transaction involves recording and reporting financial data for external purposes, it falls under the scope of Financial Accounting.

Conclude that Financial Accounting is the correct answer because it is responsible for recording and reporting financial transactions, including default payment methods selected by the insurance company.