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 is NOT a type of accounting?

Managerial accounting

Contractual damages accounting

Financial accounting

Tax accounting

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Verified step by step guidance

Step 1: Understand the types of accounting listed in the problem. Managerial accounting, financial accounting, and tax accounting are all recognized branches of accounting, each serving specific purposes.

Step 2: Managerial accounting focuses on providing internal reports and analysis to help management make decisions. It is used within organizations for planning, controlling, and decision-making.

Step 3: Financial accounting involves preparing financial statements (e.g., income statement, balance sheet, cash flow statement) for external stakeholders such as investors, creditors, and regulators. It adheres to standardized principles like GAAP or IFRS.

Step 4: Tax accounting deals with preparing tax returns and ensuring compliance with tax laws. It focuses on calculating taxable income and understanding tax regulations.

Step 5: Contractual damages accounting is not a recognized type of accounting. It refers to a legal concept rather than an accounting discipline, making it the correct answer to the question.