Multiple Choice
Which of the following is a possible remedy if one party fails to follow the terms of a contract?
73
views
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 NOT a type of accounting commonly recognized in the field of financial accounting?
A
Managerial Accounting
B
Financial Accounting
C
Tax Accounting
D
Biological Accounting
Verified step by step guidance1
Understand the question: The problem is asking which of the listed options is NOT a commonly recognized type of accounting in the field of financial accounting.
Review the listed options: Managerial Accounting, Financial Accounting, Tax Accounting, and Biological Accounting.
Recall the definitions of the listed types of accounting: Managerial Accounting focuses on internal decision-making, Financial Accounting deals with external reporting, and Tax Accounting involves compliance with tax laws.
Recognize that 'Biological Accounting' is not a standard or recognized type of accounting in the field of financial accounting.
Conclude that the correct answer is 'Biological Accounting' because it does not align with the established categories of accounting.
4:10mWatch next
Master Types of Accounting: Financial and Managerial with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Types of Accounting practice set
Problem sets built by lead tutorsExpert video explanations