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 types of accounting best relates to prioritizing stakeholders' needs and interests?

Social accounting

Cost accounting

Financial accounting

Tax accounting

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Verified step by step guidance

Understand the concept of social accounting: Social accounting focuses on the impact of an organization's activities on society and the environment, prioritizing stakeholders' needs and interests beyond financial metrics.

Compare social accounting with cost accounting: Cost accounting deals with tracking, analyzing, and controlling costs within an organization, which is primarily internal and does not prioritize external stakeholders' needs.

Compare social accounting with financial accounting: Financial accounting is concerned with preparing financial statements for external users, such as investors and creditors, but it does not specifically address broader societal or environmental concerns.

Compare social accounting with tax accounting: Tax accounting focuses on compliance with tax laws and regulations, ensuring accurate reporting for tax purposes, which is not directly related to prioritizing stakeholders' broader needs.

Conclude that social accounting is the type of accounting that best relates to prioritizing stakeholders' needs and interests, as it considers the social and environmental impact of an organization's actions.