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

Service Company vs. Merchandising Company

Financial Accounting

4. Merchandising Operations

Service Company vs. Merchandising Company

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Multiple Choice

Job order costing would be used for all of the following except:

A custom furniture manufacturer producing unique pieces

A grocery store selling identical products to customers

A hospital billing patients for individual treatments

A law firm providing legal services to clients

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Verified step by step guidance

Understand the concept of job order costing: Job order costing is a system used to assign costs to specific jobs or projects, typically when products or services are unique or customized. It tracks direct materials, direct labor, and overhead costs for each job individually.

Analyze the options provided: Evaluate each scenario to determine whether it involves unique or customized products/services that would require job order costing.

Option 1: A custom furniture manufacturer producing unique pieces - This involves customized products, so job order costing is appropriate.

Option 3: A hospital billing patients for individual treatments - Each patient receives unique treatments, making job order costing suitable.

Option 4: A law firm providing legal services to clients - Legal services are tailored to individual clients, so job order costing applies. However, Option 2 (A grocery store selling identical products to customers) involves standardized products, which are better suited for process costing rather than job order costing.