Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is a characteristic of merchant wholesalers?

They take ownership of the goods they sell.

They primarily provide accounting services to manufacturers.

They exclusively sell goods directly to final consumers.

They act only as agents and never own the goods.

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Verified step by step guidance

Understand the concept of merchant wholesalers: Merchant wholesalers are intermediaries in the distribution channel who purchase goods from manufacturers and resell them to retailers, other wholesalers, or industrial users. They take ownership of the goods they sell.

Analyze the first option: 'They take ownership of the goods they sell.' This aligns with the definition of merchant wholesalers, as they buy and own the goods before reselling them.

Evaluate the second option: 'They primarily provide accounting services to manufacturers.' This is incorrect because merchant wholesalers are not primarily involved in providing accounting services; their main role is in the buying and selling of goods.

Evaluate the third option: 'They exclusively sell goods directly to final consumers.' This is incorrect because merchant wholesalers typically sell to retailers or other businesses, not directly to final consumers.

Evaluate the fourth option: 'They act only as agents and never own the goods.' This is incorrect because merchant wholesalers do take ownership of the goods they sell, distinguishing them from agents who act on behalf of others without owning the goods.