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

Users of accounting information can be divided into two main groups. These groups include:

Internal users and external users

Government users and non-government users

Public users and private users

Financial users and managerial users

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Verified step by step guidance

Understand the concept of users of accounting information: Accounting information is used by various stakeholders to make decisions. These stakeholders are broadly categorized into two main groups based on their relationship to the organization.

Define internal users: Internal users are individuals within the organization, such as managers, employees, and executives, who use accounting information to make operational and strategic decisions.

Define external users: External users are individuals or entities outside the organization, such as investors, creditors, regulatory agencies, and the public, who rely on accounting information to assess the organization's financial health and performance.

Compare the options provided: Analyze each option to determine which correctly categorizes the users of accounting information. For example, 'Internal users and external users' is the correct categorization, while the other options do not align with the standard classification in accounting.

Conclude the correct answer: Based on the definitions and comparison, the correct answer is 'Internal users and external users,' as this is the widely accepted classification in financial accounting.