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

Dana is an employee who deposits a percentage of her salary into a retirement account each month. Which type of accounting is primarily concerned with recording and reporting these transactions for Dana's personal financial planning?

Government accounting

Personal accounting

Managerial accounting

Cost accounting

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Verified step by step guidance

Understand the context of the problem: Dana is depositing a percentage of her salary into a retirement account, which relates to her personal financial planning.

Identify the types of accounting mentioned in the options: Government accounting, Personal accounting, Managerial accounting, and Cost accounting.

Define each type of accounting: Government accounting deals with public sector finances, Personal accounting focuses on individual financial management, Managerial accounting supports internal decision-making in businesses, and Cost accounting analyzes costs for production and operations.

Match the scenario to the correct type of accounting: Since the problem involves Dana's personal financial planning, the type of accounting concerned with this is Personal accounting.

Conclude that the correct answer is Personal accounting, as it is directly related to managing and recording individual financial transactions like retirement savings.