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

Nike’s sneakers are an example of which of the following types of accounting offerings?

Experience

Service

Product

Idea

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Verified step by step guidance

Step 1: Understand the concept of accounting offerings. In financial accounting, offerings can be categorized into different types such as products, services, experiences, and ideas. Each category represents a distinct type of value provided by a company.

Step 2: Analyze the example provided in the problem. Nike’s sneakers are tangible goods that are manufactured and sold to customers. Tangible goods are typically classified as 'products' in accounting offerings.

Step 3: Differentiate between the other options. 'Experience' refers to the emotional or sensory engagement provided to customers, such as attending a concert. 'Service' involves intangible actions or activities performed for customers, like consulting or repairs. 'Idea' pertains to intellectual concepts or innovations, such as patents or creative designs.

Step 4: Match the example to the correct category. Since Nike’s sneakers are physical items sold to customers, they align with the 'Product' category of accounting offerings.

Step 5: Confirm the correct answer. Based on the analysis, the correct classification for Nike’s sneakers is 'Product,' as it represents a tangible good provided by the company.