Multiple Choice
Which of the following is a main advantage of a secured loan compared to an unsecured loan?
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
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Which of the following is NOT a type of accounting commonly recognized in the field of financial accounting?
A
Financial Accounting
B
Medical Accounting
C
Tax Accounting
D
Managerial Accounting
Verified step by step guidance1
Step 1: Understand the types of accounting commonly recognized in the field of financial accounting. These include Financial Accounting, Tax Accounting, and Managerial Accounting.
Step 2: Financial Accounting focuses on preparing financial statements for external users, such as investors and creditors.
Step 3: Tax Accounting deals with preparing tax returns and ensuring compliance with tax laws and regulations.
Step 4: Managerial Accounting involves providing internal reports and analysis to help management make informed business decisions.
Step 5: Medical Accounting is not a recognized type of accounting in the field of financial accounting. It is specific to healthcare organizations and does not fall under the standard categories of accounting.
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