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 providing information to internal users for decision-making purposes?

Tax accounting

Financial accounting

Managerial accounting

Governmental accounting

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Understand the different types of accounting and their purposes. Tax accounting focuses on compliance with tax laws, financial accounting provides information to external users, managerial accounting is for internal decision-making, and governmental accounting deals with public sector finances.

Identify the key characteristic of managerial accounting: it is designed to provide relevant and timely information to internal users, such as managers, to aid in planning, controlling, and decision-making processes.

Compare managerial accounting with financial accounting. Financial accounting is primarily concerned with preparing financial statements for external users, while managerial accounting focuses on internal users and operational decisions.

Recognize that internal users include managers, executives, and employees who need detailed and specific information to make informed decisions about the organization's operations.

Conclude that the type of accounting primarily concerned with providing information to internal users for decision-making purposes is managerial accounting.