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 most directly involves recording and reporting amounts a company owes to vendors or suppliers, such as accounts payable?

Managerial accounting

Tax accounting

Cost accounting

Financial accounting

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Verified step by step guidance

Understand the concept of accounts payable: Accounts payable refers to the amounts a company owes to vendors or suppliers for goods or services received but not yet paid for.

Recognize the role of financial accounting: Financial accounting focuses on recording, summarizing, and reporting a company's financial transactions, including liabilities such as accounts payable.

Differentiate financial accounting from other types of accounting: Managerial accounting is used for internal decision-making, tax accounting deals with tax compliance, and cost accounting focuses on analyzing production costs. None of these directly involve reporting accounts payable.

Identify the correct type of accounting: Since accounts payable is a liability that appears on the balance sheet and is part of financial reporting, it falls under the domain of financial accounting.

Conclude that financial accounting is the type most directly involved in recording and reporting amounts owed to vendors or suppliers, such as accounts payable.