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 type of accounting is primarily concerned with recording and managing the financial transactions of banks and other financial institutions?

Bank accounting

Tax accounting

Managerial accounting

Cost accounting

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Verified step by step guidance

Step 1: Understand the different types of accounting mentioned in the problem. Bank accounting focuses on recording and managing financial transactions specific to banks and financial institutions. Tax accounting deals with compliance and preparation of tax returns. Managerial accounting provides information for internal decision-making. Cost accounting focuses on analyzing costs for production and operations.

Step 2: Identify the key requirement of the problem, which is to determine the type of accounting concerned with financial transactions of banks and financial institutions.

Step 3: Match the definition of each accounting type to the requirement. Bank accounting is specifically designed to handle the financial transactions and operations of banks and financial institutions.

Step 4: Eliminate the other options based on their definitions. Tax accounting, managerial accounting, and cost accounting do not primarily focus on the financial transactions of banks and financial institutions.

Step 5: Conclude that the correct answer is 'Bank accounting,' as it directly aligns with the problem's requirement.