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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which type of accounting is primarily concerned with recording and reporting the activities a company undertakes to promote the buying or selling of a product or service?

Marketing Accounting

Financial Accounting

Cost Accounting

Managerial Accounting

Previous problemNext problem

Verified step by step guidance

Step 1: Begin by understanding the different types of accounting mentioned in the problem: Marketing Accounting, Financial Accounting, Cost Accounting, and Managerial Accounting.

Step 2: Define each type of accounting briefly: Marketing Accounting is not a recognized accounting field; Financial Accounting focuses on external reporting to stakeholders; Cost Accounting deals with tracking, analyzing, and controlling costs; Managerial Accounting is concerned with internal decision-making and planning.

Step 3: Analyze the question's context, which asks about recording and reporting activities related to promoting the buying or selling of a product or service. This aligns with tracking costs associated with marketing and production activities.

Step 4: Recognize that Cost Accounting is primarily concerned with analyzing costs related to production and marketing activities, making it the correct answer in this context.

Step 5: Conclude that Cost Accounting is the appropriate type of accounting for the scenario described, as it focuses on the financial aspects of promoting and selling products or services.