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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

Which of the following items are shown on the selling and administrative expense budget?

Cost of goods sold

Depreciation on office equipment

Sales revenue

Salaries of administrative staff

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Verified step by step guidance

Understand the purpose of the selling and administrative expense budget: This budget is used to estimate the costs associated with selling products and managing the business, excluding costs directly tied to production (e.g., cost of goods sold).

Identify the items that are typically included in the selling and administrative expense budget: These include expenses such as salaries of administrative staff, office supplies, depreciation on office equipment, advertising costs, and other overhead expenses related to selling and administration.

Analyze the given options: 'Cost of goods sold' is not part of the selling and administrative expense budget because it is a production-related expense. 'Sales revenue' is not an expense and is part of the revenue budget, not the expense budget.

Focus on the correct answers: 'Depreciation on office equipment' is included because it is an administrative expense related to the use of office assets. 'Salaries of administrative staff' are also included because they are part of the administrative costs.

Conclude that the selling and administrative expense budget includes items that are not directly tied to production or revenue generation but are necessary for the operation and management of the business.