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 most commonly deals with recording and reporting fixed payment amounts, such as salaries, for each pay period?

Tax accounting

Managerial accounting

Cost accounting

Payroll accounting

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Verified step by step guidance

Understand the question: The problem is asking about the type of accounting that deals with recording and reporting fixed payment amounts, such as salaries, for each pay period.

Identify the key term: Fixed payment amounts, such as salaries, are typically associated with employee compensation and payroll processes.

Review the options: Tax accounting focuses on tax compliance and reporting, managerial accounting deals with internal decision-making, and cost accounting focuses on cost analysis. Payroll accounting specifically handles employee compensation, including salaries and wages.

Match the concept: Payroll accounting is the branch of accounting that records and reports all payroll-related transactions, such as salaries, wages, deductions, and employer contributions.

Conclude: Based on the explanation, the correct answer is Payroll accounting, as it directly relates to the recording and reporting of fixed payment amounts like salaries.