Multiple Choice
Which of the following statements regarding defined contribution plans is FALSE?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is not a valid type of accounting?
A
Managerial Accounting
B
Financial Accounting
C
Tax Accounting
D
Legal Accounting
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Understand the different types of accounting mentioned in the problem: Managerial Accounting, Financial Accounting, Tax Accounting, and Legal Accounting.
Managerial Accounting focuses on providing information to internal users, such as managers, to aid in decision-making within the organization.
Financial Accounting involves preparing financial statements for external users, such as investors, creditors, and regulatory agencies, following standardized principles like GAAP or IFRS.
Tax Accounting deals with preparing tax returns and ensuring compliance with tax laws and regulations.
Legal Accounting is not a recognized type of accounting. It does not fall under the standard categories of accounting practices, making it the correct answer to the question.
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