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?

Financial Accounting

Biological Accounting

Managerial Accounting

Tax Accounting

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Verified step by step guidance

Step 1: Understand the concept of accounting types. Accounting is broadly categorized into different types based on its purpose and audience, such as Financial Accounting, Managerial Accounting, and Tax Accounting.

Step 2: Define Financial Accounting. It involves recording, summarizing, and reporting the financial transactions of a business to external stakeholders like investors, creditors, and regulators.

Step 3: Define Managerial Accounting. It focuses on providing financial information to internal stakeholders, such as managers, to assist in decision-making and operational planning.

Step 4: Define Tax Accounting. It deals with preparing and filing tax returns and ensuring compliance with tax laws and regulations.

Step 5: Recognize that Biological Accounting is not a recognized type of accounting. It does not pertain to the financial or operational aspects of a business and is unrelated to the established accounting categories.