Multiple Choice
When you buy clothes or check out at the grocery store, you will pay _____________.
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
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Which type of accounting is primarily concerned with managing and planning personal or household finances, such as budgeting for a married couple?
A
Managerial accounting
B
Governmental accounting
C
Financial accounting
D
Personal accounting
Verified step by step guidance1
Understand the question: The problem is asking about the type of accounting that deals with managing and planning personal or household finances, such as budgeting for a married couple.
Review the options provided: Managerial accounting, Governmental accounting, Financial accounting, and Personal accounting.
Define each term: Managerial accounting focuses on internal business decision-making, Governmental accounting deals with public sector finances, Financial accounting involves preparing financial statements for external users, and Personal accounting is concerned with managing individual or household finances.
Identify the correct match: Since the question specifically mentions personal or household finances, the correct type of accounting is Personal accounting.
Conclude: Personal accounting is the appropriate choice because it directly relates to budgeting and financial planning for individuals or households.
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