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 are the two main categories of operations within a company in the context of accounting?

Operating and non-operating activities

Operating and administrative activities

Operating and investing activities

Operating and financing activities

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Verified step by step guidance

Understand the context of the question: In accounting, companies categorize their operations to better analyze financial performance and cash flow. The two main categories are typically related to how a company generates revenue and manages its resources.

Define 'Operating Activities': These are the primary activities involved in running the business, such as selling goods or services, paying employees, and managing day-to-day expenses. They are directly related to the core business operations.

Define 'Non-Operating Activities': These include activities that are not part of the core business operations, such as interest income, dividend income, or gains and losses from investments. These activities are secondary to the main business functions.

Eliminate incorrect options: Review the provided choices and identify which ones do not align with the standard accounting categories. For example, 'Operating and administrative activities' is incorrect because administrative activities are part of operating activities, not a separate category.

Select the correct answer: Based on the definitions, the correct categories are 'Operating and non-operating activities,' as these encompass the main and secondary operations within a company in the context of accounting.