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

7. Which type of accounting would be most relevant for a company evaluating whether Lily can obtain a title loan while still paying off her vehicle loan, and why?

Financial accounting, because it focuses on preparing external reports for investors and creditors.

Tax accounting, because it determines the tax implications of taking out a title loan.

Governmental accounting, because it regulates all types of personal loans.

Managerial accounting, because it provides internal information for decision-making regarding individual loan eligibility.

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Verified step by step guidance

Understand the different types of accounting mentioned in the problem: Financial accounting, Tax accounting, Governmental accounting, and Managerial accounting.

Recognize that Financial accounting is primarily concerned with preparing external reports for stakeholders such as investors and creditors, which is not directly relevant to evaluating individual loan eligibility.

Note that Tax accounting focuses on determining tax implications, which is not the primary concern in this scenario as the focus is on loan eligibility rather than tax consequences.

Understand that Governmental accounting deals with the financial activities of government entities and regulations, which does not apply to personal loan evaluations.

Identify that Managerial accounting is the most relevant type of accounting in this scenario because it provides internal information and analysis to support decision-making, such as evaluating whether Lily can obtain a title loan while managing her vehicle loan payments.