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 is NOT a recognized type of accounting?

Financial accounting

Tax accounting

Property interest accounting

Managerial accounting

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Verified step by step guidance

Step 1: Understand the types of accounting mentioned in the problem. Financial accounting focuses on preparing financial statements for external users, such as investors and creditors. Tax accounting deals with compliance with tax laws and regulations. Managerial accounting provides information for internal decision-making within an organization.

Step 2: Recognize that 'Property interest accounting' is not a standard or recognized type of accounting. It does not fall under the commonly accepted categories of accounting practices.

Step 3: Compare the given options to the recognized types of accounting. Financial accounting, tax accounting, and managerial accounting are all established fields within the accounting profession.

Step 4: Identify the option that does not align with the recognized types of accounting. In this case, 'Property interest accounting' is the correct answer as it is not a recognized type.

Step 5: Conclude that the problem is testing your knowledge of the different branches of accounting and your ability to distinguish between recognized and unrecognized types.