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

Managerial accountants usually do which of the following?

Set generally accepted accounting principles (GAAP)

Provide internal reports to assist management in decision-making

Prepare financial statements for external users

Audit the financial statements of public companies

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Verified step by step guidance

Understand the role of managerial accounting: Managerial accounting focuses on providing information to internal users, such as management, to assist in decision-making, planning, and controlling operations.

Differentiate managerial accounting from financial accounting: Financial accounting is primarily concerned with preparing financial statements for external users, such as investors and creditors, and adhering to GAAP. Managerial accounting does not set GAAP or audit financial statements.

Analyze the options provided: Evaluate each option to determine which aligns with the responsibilities of managerial accountants. For example, setting GAAP and auditing financial statements are tasks typically associated with financial accountants or auditors.

Focus on internal reporting: Managerial accountants provide internal reports, such as budgets, performance evaluations, and cost analyses, to help management make informed decisions.

Select the correct answer: Based on the analysis, the correct answer is 'Provide internal reports to assist management in decision-making,' as this is the primary function of managerial accounting.