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 are the broad categories of accounting most commonly recognized in the United States?

Governmental accounting and project accounting

Tax accounting and forensic accounting

Financial accounting and managerial accounting

Cost accounting and auditing

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Verified step by step guidance

Understand the context of the question: The problem is asking about the broad categories of accounting most commonly recognized in the United States. This requires knowledge of the primary branches of accounting.

Review the definitions of each category mentioned: Financial accounting focuses on preparing financial statements for external users, while managerial accounting is concerned with providing information for internal decision-making.

Compare the other options provided: Governmental accounting deals with public sector finances, project accounting tracks costs for specific projects, tax accounting focuses on compliance with tax laws, forensic accounting investigates financial discrepancies, cost accounting analyzes costs for production, and auditing examines financial records for accuracy.

Identify the most widely recognized categories: Financial accounting and managerial accounting are the two broad categories that encompass the majority of accounting practices in the United States.

Conclude that the correct answer is Financial accounting and managerial accounting, as these are the most commonly recognized and broadly applicable categories in the field of accounting.