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 is NOT typically required by lenders and investors?

External reporting

Managerial accounting

Audited financial statements

Financial accounting

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Understand the context of the question: Lenders and investors typically require accounting information that helps them assess the financial health and performance of a company. This includes external reporting, audited financial statements, and financial accounting.

Clarify the purpose of each type of accounting mentioned: External reporting involves providing financial information to external stakeholders, audited financial statements ensure the accuracy and reliability of financial data, and financial accounting focuses on preparing financial statements for external use.

Explain managerial accounting: Managerial accounting is primarily used for internal decision-making within the company. It provides information to managers to help them plan, control, and make decisions, but it is not typically required by external parties like lenders and investors.

Compare the requirements of lenders and investors: Lenders and investors rely on external reporting, audited financial statements, and financial accounting to make informed decisions about providing loans or investing in a company. Managerial accounting does not serve this purpose.

Conclude that managerial accounting is the type of accounting NOT typically required by lenders and investors, as it is designed for internal use rather than external reporting.