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 primarily responsible for creating budgets, analyzing financial data, and forecasting company profits?

Managerial Accounting

Tax Accounting

Auditing

Financial Accounting

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Verified step by step guidance

Understand the roles of each type of accounting mentioned in the problem: Managerial Accounting, Tax Accounting, Auditing, and Financial Accounting.

Recognize that Managerial Accounting focuses on internal decision-making, including creating budgets, analyzing financial data, and forecasting company profits.

Note that Tax Accounting deals with compliance with tax laws and preparation of tax returns, which is not related to budgeting or forecasting.

Understand that Auditing involves examining financial records to ensure accuracy and compliance, which is different from creating budgets or forecasting.

Finally, identify that Financial Accounting focuses on preparing financial statements for external users, not internal tasks like budgeting or forecasting, making Managerial Accounting the correct answer.