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

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

Which of the following correctly identifies the three mainline functions of any business?

Human Resources, Information Technology, and Legal

Planning, Organizing, and Controlling

Financing, Investing, and Operating

Marketing, Production/Operations, and Finance/Accounting

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Verified step by step guidance

Understand the question: The problem is asking to identify the three mainline functions of any business. These are the core activities that businesses engage in to achieve their objectives.

Review the options provided: The question lists several sets of functions, and we need to determine which set correctly represents the mainline functions of a business.

Clarify the concept: The mainline functions of a business typically include Marketing, Production/Operations, and Finance/Accounting. These functions are essential for creating value, managing resources, and ensuring financial sustainability.

Eliminate incorrect options: Human Resources, Information Technology, and Legal are support functions, not mainline functions. Planning, Organizing, and Controlling are managerial activities, not business functions. Financing, Investing, and Operating are financial activities, not the core business functions.

Select the correct answer: Based on the explanation, the correct identification of the three mainline functions of any business is Marketing, Production/Operations, and Finance/Accounting.