Multiple Choice
Which of the following best describes a key difference between investing in the stock market and depositing money in a savings account at a bank?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following is a type of accounting? Select the correct option.
A
Payroll accounting
B
Financial accounting
C
Cost accounting
D
Managerial accounting
Verified step by step guidance1
Step 1: Understand the question, which asks to identify types of accounting from the given options.
Step 2: Recall the definition of Financial Accounting, which involves recording, summarizing, and reporting financial transactions to external users such as investors and creditors.
Step 3: Recall the definition of Managerial Accounting, which focuses on providing information to internal users like managers for decision-making purposes.
Step 4: Recall the definition of Cost Accounting, which deals with analyzing and controlling costs within an organization.
Step 5: Recognize that Payroll Accounting is not a distinct type of accounting but rather a specific function within accounting that deals with employee compensation.
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