Multiple Choice
Which of the following is a defining characteristic of a fractional reserve banking system?
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1. Introduction to Accounting
Types of Accounting
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Which of the following is not a type of accounting?
A
Managerial accounting
B
Market accounting
C
Financial accounting
D
Tax accounting
Verified step by step guidance1
Step 1: Understand the different types of accounting listed in the problem. Managerial accounting focuses on providing information to internal users, such as managers, for decision-making purposes.
Step 2: Financial accounting involves preparing financial statements and reports for external users, such as investors and creditors, to assess the financial health of a company.
Step 3: Tax accounting deals with preparing tax returns and ensuring compliance with tax laws and regulations.
Step 4: Market accounting is not a recognized type of accounting. It does not fall under the standard categories of accounting practices used in the field.
Step 5: Based on the explanation above, identify the option that does not belong to the standard types of accounting.
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