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 of the following is NOT a type of accounting commonly recognized in the field of financial accounting?

Financial Accounting

Managerial Accounting

Tax Accounting

Biological Accounting

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the types of accounting commonly recognized in the field of financial accounting. These include Financial Accounting, Managerial Accounting, and Tax Accounting, which are widely used for different purposes such as external reporting, internal decision-making, and tax compliance.

Step 2: Recognize that Biological Accounting is not a commonly recognized type of accounting in the field of financial accounting. It does not pertain to the standard practices or principles used in financial reporting or management.

Step 3: Compare the listed options to the established types of accounting. Financial Accounting focuses on preparing financial statements for external users, Managerial Accounting aids internal decision-making, and Tax Accounting deals with compliance and reporting for tax purposes.

Step 4: Eliminate the options that are valid types of accounting (Financial Accounting, Managerial Accounting, and Tax Accounting) and identify the one that does not fit within the recognized categories.

Step 5: Conclude that Biological Accounting is not a type of accounting commonly recognized in the field of financial accounting, as it is unrelated to the established practices and principles of the discipline.