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 best describes managerial accounting?

Accounting that involves the preparation of financial statements for external users.

Accounting focused on providing information to internal users for decision-making purposes.

Accounting concerned with the preparation of tax returns and tax planning.

Accounting that tracks and reports on the social and environmental impact of business activities.

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Verified step by step guidance

Understand the definition of managerial accounting: Managerial accounting is primarily concerned with providing information to internal users, such as managers, to assist in decision-making, planning, and controlling business operations.

Compare managerial accounting with financial accounting: Financial accounting focuses on preparing financial statements for external users, such as investors and creditors, while managerial accounting is tailored for internal use.

Differentiate managerial accounting from tax accounting: Tax accounting deals with the preparation of tax returns and tax planning, which is distinct from the internal focus of managerial accounting.

Consider the scope of managerial accounting: Managerial accounting may include budgeting, forecasting, cost analysis, and performance evaluation, which are tools for internal decision-making rather than external reporting.

Eliminate unrelated options: Managerial accounting does not primarily track or report on the social and environmental impact of business activities, as this falls under sustainability or environmental accounting.