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

A cost that a manager can determine or influence is called a(n):

Fixed cost

Controllable cost

Sunk cost

Indirect cost

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Verified step by step guidance

Understand the definitions of the terms provided in the options: Fixed cost, Controllable cost, Sunk cost, and Indirect cost.

A Fixed cost is a cost that does not change with the level of production or sales, such as rent or salaries. It is not directly influenced by a manager's decisions in the short term.

A Controllable cost is a cost that a manager has the authority to influence or change, such as labor hours or material usage within their department.

A Sunk cost is a cost that has already been incurred and cannot be recovered, such as past investments in equipment. These costs are not influenced by current decisions.

An Indirect cost is a cost that cannot be directly traced to a specific product or department, such as utilities or administrative expenses. These are not typically controllable by a single manager. Based on these definitions, the correct term for a cost that a manager can determine or influence is a Controllable cost.