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 lists correctly identifies the six primary business functions commonly recognized in accounting?

Research and development, production, marketing, distribution, customer service, and administration

Production, marketing, sales, human resources, accounting, and legal

Research and development, production, marketing, distribution, customer service, and human resources

Research and development, production, marketing, distribution, customer service, and accounting/finance

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Verified step by step guidance

Step 1: Understand the context of the question. The problem is asking about the six primary business functions commonly recognized in accounting. These functions represent key areas of activity within a business that are essential for its operations and financial reporting.

Step 2: Review the options provided in the question. Each option lists different combinations of business functions. The goal is to identify the correct combination that aligns with accounting principles and practices.

Step 3: Recall the six primary business functions commonly recognized in accounting. These are: Research and Development, Production, Marketing, Distribution, Customer Service, and Accounting/Finance. These functions are integral to the business cycle and financial reporting.

Step 4: Compare the correct list of business functions to the options provided. Eliminate any options that include functions not part of the recognized six, such as 'human resources' or 'legal,' which are not part of the primary accounting functions.

Step 5: Confirm that the correct answer is: Research and Development, Production, Marketing, Distribution, Customer Service, and Accounting/Finance. This list accurately reflects the six primary business functions recognized in accounting.