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

Sales commissions are classified as which type of accounting cost?

Administrative expense

Cost of goods sold

Manufacturing overhead

Selling expense

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Verified step by step guidance

Understand the classification of costs in financial accounting. Costs are typically categorized into administrative expenses, cost of goods sold, manufacturing overhead, and selling expenses.

Recognize that sales commissions are directly tied to the process of selling products or services. They are incurred as a result of sales activities.

Learn the definition of selling expenses: Selling expenses are costs incurred to promote, market, and sell products or services. Examples include advertising costs, sales commissions, and shipping costs.

Differentiate selling expenses from other cost categories: Administrative expenses are related to general business operations, cost of goods sold pertains to the direct costs of producing goods, and manufacturing overhead includes indirect production costs.

Conclude that sales commissions are classified as selling expenses because they are directly associated with the sales process and not with production, administration, or overhead.