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 is one of the categories of manufacturing inventory?

Intangible assets

Prepaid expenses

Accounts receivable

Raw materials

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Verified step by step guidance

Understand the concept of manufacturing inventory: Manufacturing inventory refers to the goods and materials that a company holds for the purpose of production and sale. It is typically divided into three categories: raw materials, work-in-progress (WIP), and finished goods.

Review the definition of raw materials: Raw materials are the basic inputs used in the production process to create finished goods. These are unprocessed materials that will be transformed during manufacturing.

Eliminate unrelated options: Intangible assets, prepaid expenses, and accounts receivable are not part of manufacturing inventory. Intangible assets refer to non-physical assets like patents or trademarks, prepaid expenses are payments made in advance for future expenses, and accounts receivable represent money owed to the company by customers.

Identify the correct category: Among the given options, raw materials are the only category that fits within manufacturing inventory. They are essential for the production process.

Conclude the reasoning: Based on the definitions and elimination of unrelated options, raw materials are correctly identified as one of the categories of manufacturing inventory.