Which of the following is NOT a type of accounting?

• A. Actuarial Accounting
• B. Financial Accounting
• C. Tax Accounting
• D. Managerial Accounting

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the types of accounting listed in the problem. Financial Accounting, Tax Accounting, and Managerial Accounting are all recognized branches of accounting, each serving specific purposes within organizations.
2. Step 2: Define Financial Accounting. It involves recording, summarizing, and reporting the financial transactions of a business to external stakeholders such as investors, creditors, and regulatory agencies.
3. Step 3: Define Tax Accounting. It focuses on preparing tax returns and ensuring compliance with tax laws and regulations. It is specialized to meet the requirements of tax authorities.
4. Step 4: Define Managerial Accounting. It is concerned with providing financial information to internal stakeholders, such as managers, to assist in decision-making, planning, and controlling operations.
5. Step 5: Recognize that Actuarial Accounting is not a recognized type of accounting. Actuarial work typically involves assessing financial risks and uncertainties, often in insurance and pension industries, but it is not classified as a type of accounting.