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 two types of accounting are most similar in their focus on recording and reporting financial transactions for external users?

Financial accounting and governmental accounting

Financial accounting and management accounting

Financial accounting and tax accounting

Financial accounting and cost accounting

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Verified step by step guidance

Understand the primary focus of financial accounting: It is concerned with recording, summarizing, and reporting financial transactions to external users such as investors, creditors, and regulatory agencies.

Review the focus of governmental accounting: It deals with the financial activities of government entities and is primarily aimed at ensuring accountability and compliance with laws and regulations, which is different from financial accounting's focus on external users.

Examine management accounting: It focuses on providing information to internal users (e.g., managers) for decision-making, planning, and control, which contrasts with financial accounting's external user focus.

Analyze tax accounting: It involves preparing and reporting financial information in compliance with tax laws and regulations, which aligns closely with financial accounting in terms of external reporting requirements.

Consider cost accounting: It focuses on analyzing costs for internal decision-making, which is distinct from financial accounting's external reporting purpose.