Multiple Choice
In the context of accounting, data scientists can help businesses achieve their goals by:
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1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Property tax, inheritance tax, estate tax, and gift tax are all examples of which type of accounting?
A
Financial accounting
B
Tax accounting
C
Managerial accounting
D
Cost accounting
Verified step by step guidance1
Understand the types of accounting mentioned in the problem: Financial accounting, Tax accounting, Managerial accounting, and Cost accounting.
Recognize that the question is asking about specific types of taxes: property tax, inheritance tax, estate tax, and gift tax.
Recall that Tax accounting deals with the preparation, analysis, and presentation of tax payments and compliance with tax laws, which includes taxes like property tax, inheritance tax, estate tax, and gift tax.
Differentiate Tax accounting from other types of accounting: Financial accounting focuses on external reporting, Managerial accounting focuses on internal decision-making, and Cost accounting focuses on cost analysis and control.
Conclude that the correct type of accounting for the given taxes is Tax accounting, as it directly relates to tax-related matters.
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