Multiple Choice
Which of the following statements is TRUE regarding commercial banks and individual banks in the context of accounting types?
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1. Introduction to Accounting
Types of Accounting
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The savings in your savings account would fall under which of the following types of accounting?
A
Government Accounting
B
Cost Accounting
C
Personal Accounting
D
Management Accounting
Verified step by step guidance1
Understand the different types of accounting mentioned in the problem: Government Accounting, Cost Accounting, Personal Accounting, and Management Accounting.
Government Accounting refers to the accounting practices used by public sector entities to manage public funds and ensure transparency.
Cost Accounting focuses on analyzing and tracking costs associated with production or operations, typically used by businesses to make cost-effective decisions.
Management Accounting involves providing financial and non-financial information to managers for decision-making within an organization.
Personal Accounting is the process of managing an individual's financial activities, such as savings, expenses, and investments. Since the problem mentions savings in a savings account, this falls under Personal Accounting.
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