Multiple Choice
Which of the following is true if no means of communicating an acceptance is specified in an offer?
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1. Introduction to Accounting
Types of Accounting
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PayPal is an example of which of the following types of accounting?
A
Financial Accounting
B
Cost Accounting
C
Payment Processing Service (not a type of accounting)
D
Managerial Accounting
Verified step by step guidance1
Step 1: Begin by understanding the types of accounting mentioned in the problem: Financial Accounting, Cost Accounting, and Managerial Accounting. Each has distinct purposes and applications.
Step 2: Financial Accounting focuses on preparing financial statements for external stakeholders, such as investors and creditors, to provide a clear picture of a company's financial health.
Step 3: Cost Accounting is concerned with analyzing and tracking costs within a business to aid in cost control and decision-making processes.
Step 4: Managerial Accounting involves providing internal reports and analysis to assist management in planning, decision-making, and operational control.
Step 5: Recognize that 'Payment Processing Service' is not a type of accounting. PayPal, as a payment processing service, does not fall under any of the accounting categories listed in the problem.
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