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 can be considered cost objects in managerial accounting?

Only financial statements

Products, departments, and customers

Only cash transactions

Only external auditors

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Verified step by step guidance

Understand the concept of a cost object: In managerial accounting, a cost object is anything for which costs are measured and assigned. This can include products, services, projects, customers, or departments.

Analyze the options provided in the question: Evaluate each option to determine if it fits the definition of a cost object. For example, financial statements and external auditors are not typically considered cost objects because they are not directly tied to the measurement or assignment of costs.

Focus on the correct answer: Products, departments, and customers are valid cost objects because costs can be tracked and assigned to them for decision-making purposes.

Eliminate incorrect options: Exclude options like 'Only financial statements' and 'Only cash transactions' as they do not align with the definition of cost objects in managerial accounting.

Conclude with the correct understanding: Managerial accounting uses cost objects like products, departments, and customers to analyze and allocate costs effectively for internal decision-making.