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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following are the two main categories of value creation activities that firms undertake?

Investing activities and marketing activities

Operating activities and financing activities

Primary activities and support activities

Production activities and administrative activities

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Verified step by step guidance

Understand the concept of value creation activities: Value creation activities are the processes and actions undertaken by a firm to generate value for its stakeholders, including customers, shareholders, and employees.

Recognize the two main categories of value creation activities: These are typically divided into primary activities and support activities, as outlined in frameworks like Michael Porter's Value Chain model.

Define primary activities: These are directly involved in the creation and delivery of a product or service, such as inbound logistics, operations, outbound logistics, marketing and sales, and service.

Define support activities: These provide the necessary infrastructure and resources for primary activities to function effectively, including procurement, technology development, human resource management, and firm infrastructure.

Relate the correct answer to the question: The correct answer is 'Primary activities and support activities,' as these are the two main categories of value creation activities that firms undertake to deliver value to their stakeholders.