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 concerned with recording and reporting transactions related to insurance, where a customer shares risk with a company?

Tax Accounting

Financial Accounting

Managerial Accounting

Insurance Accounting

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Verified step by step guidance

Understand the context of the question: The problem is asking about a specific type of accounting that deals with recording and reporting transactions related to insurance, where risk is shared between a customer and a company.

Recognize that insurance accounting is a specialized branch of accounting. It focuses on the financial activities of insurance companies, including premium collection, claims processing, and risk management.

Differentiate between the options provided: Tax Accounting deals with tax-related matters, Financial Accounting focuses on preparing financial statements for external users, and Managerial Accounting is concerned with internal decision-making processes. None of these directly address the unique aspects of insurance transactions.

Identify that Insurance Accounting is the correct answer because it specifically addresses the recording and reporting of transactions related to insurance, including the sharing of risk between the customer and the company.

Conclude that understanding the specialized nature of Insurance Accounting is key to answering this question correctly, as it is distinct from other types of accounting mentioned in the options.