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

In the context of accounting, which type of accounting is primarily concerned with identifying potential customers and engaging them to make a sale?

Managerial Accounting

None of the above; this describes a sales function, not a type of accounting.

Financial Accounting

Cost Accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about a function related to identifying potential customers and engaging them to make a sale. This is a business activity, but it is important to determine whether it falls under any type of accounting.

Review the definitions of the accounting types mentioned: Managerial Accounting, Financial Accounting, and Cost Accounting. Managerial Accounting focuses on internal decision-making, Financial Accounting deals with external reporting, and Cost Accounting analyzes costs for production and operations.

Clarify the distinction between accounting functions and sales functions: Accounting is primarily concerned with recording, analyzing, and reporting financial information, while sales functions are focused on customer engagement and revenue generation.

Evaluate the options provided: None of the accounting types listed (Managerial Accounting, Financial Accounting, Cost Accounting) are directly related to identifying potential customers and engaging them to make a sale. This activity is part of the sales function, not an accounting function.

Conclude that the correct answer is 'None of the above,' as identifying potential customers and engaging them to make a sale is not a type of accounting but rather a sales function.