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

4. Merchandising Operations

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

Financial Accounting

4. Merchandising Operations

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

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Multiple Choice

Units of product that are only partially complete at the end of an accounting period are contained in which inventory account?

Work in Process Inventory

Finished Goods Inventory

Cost of Goods Sold

Raw Materials Inventory

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Verified step by step guidance

Understand the concept of inventory accounts: In financial accounting, inventory accounts are used to track the value of goods at various stages of production. The main types are Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.

Define Work in Process Inventory: This account represents the value of products that are partially completed during the production process but are not yet finished. It includes direct materials, direct labor, and allocated overhead costs.

Analyze the question: The problem asks which inventory account contains units of product that are only partially complete at the end of an accounting period. This aligns with the definition of Work in Process Inventory.

Eliminate incorrect options: Finished Goods Inventory contains completed products ready for sale, Raw Materials Inventory contains unprocessed materials, and Cost of Goods Sold represents the expense of goods sold during the period. None of these accounts track partially completed units.

Conclude the correct answer: Based on the definitions and analysis, units of product that are only partially complete at the end of an accounting period are contained in the Work in Process Inventory account.