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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following best describes a temporary activity a company undertakes to create a unique product, service, or result?

A project

A transaction

A routine process

An operating cycle

Previous problemNext problem

Verified step by step guidance

Understand the question: The problem is asking for the term that best describes a temporary activity undertaken by a company to create a unique product, service, or result. This requires identifying the correct concept from the given options.

Analyze the options: Review each term provided in the options (A project, A transaction, A routine process, An operating cycle) and consider their definitions in the context of Financial Accounting.

Define 'A project': A project is a temporary endeavor undertaken to create a unique product, service, or result. It has a defined beginning and end, and is not part of routine operations.

Define the other terms: A transaction refers to an economic event recorded in the accounting system, a routine process refers to regular, repetitive activities, and an operating cycle refers to the time it takes for a company to purchase inventory, sell products, and collect cash from customers.

Compare and conclude: Based on the definitions, identify which term aligns with the description of a temporary activity aimed at creating something unique. The correct term is 'A project'.