Multiple Choice
Which type of account is typically used to record payments for daily operating expenses in financial accounting?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is NOT one of the main types of accounting used in business organizations?
A
Managerial Accounting
B
Tax Accounting
C
Financial Accounting
D
Biological Accounting
Verified step by step guidance1
Step 1: Understand the main types of accounting used in business organizations. These typically include Managerial Accounting, Tax Accounting, and Financial Accounting.
Step 2: Managerial Accounting focuses on providing internal reports and information to help management make decisions.
Step 3: Tax Accounting deals with preparing and filing tax returns and ensuring compliance with tax laws.
Step 4: Financial Accounting involves preparing financial statements for external stakeholders, such as investors and creditors.
Step 5: Biological Accounting is not a recognized type of accounting in business organizations, making it the correct answer to the question.
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