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 one of the following statements is true about entrepreneurs in relation to types of accounting?

Entrepreneurs are only interested in tax accounting and not in other types of accounting.

Entrepreneurs do not require any form of accounting for their business operations.

Entrepreneurs primarily use managerial accounting to make internal business decisions.

Entrepreneurs rely exclusively on financial accounting for all internal planning.

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Verified step by step guidance

Understand the role of entrepreneurs in business operations and their need for accounting information to make decisions.

Review the different types of accounting: financial accounting, managerial accounting, and tax accounting, and their purposes.

Recognize that managerial accounting focuses on providing internal reports and data to help entrepreneurs make informed business decisions, such as budgeting, forecasting, and performance evaluation.

Contrast managerial accounting with financial accounting, which is primarily used for external reporting to stakeholders like investors and creditors, and tax accounting, which deals with compliance with tax laws.

Conclude that entrepreneurs primarily use managerial accounting to make internal business decisions, as it provides the tools and information necessary for planning and managing their operations effectively.