Multiple Choice
Which of the following is a reason to store business data in a database rather than a spreadsheet?
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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 recording and reporting transactions such as deposits and withdrawals in a bank savings account?
A
Managerial accounting
B
Cost accounting
C
Tax accounting
D
Financial accounting
Verified step by step guidance1
Understand the different types of accounting: Managerial accounting focuses on internal decision-making, Cost accounting deals with cost analysis, Tax accounting is concerned with tax compliance, and Financial accounting is about recording and reporting financial transactions.
Identify the nature of the transactions mentioned in the problem: Deposits and withdrawals in a bank savings account are financial transactions that need to be recorded and reported.
Match the type of accounting that aligns with the task of recording and reporting financial transactions. Financial accounting is specifically designed for this purpose.
Recognize that Financial accounting provides information to external users, such as banks, investors, and regulators, which is relevant for the transactions described.
Conclude that the correct type of accounting for recording and reporting deposits and withdrawals in a bank savings account is Financial accounting.
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