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

Goods that are partially completed by a manufacturer are classified as:

Merchandise inventory

Raw materials inventory

Finished goods inventory

Work in process inventory

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Verified step by step guidance

Understand the classification of inventory types in manufacturing: Manufacturers typically categorize inventory into three types—raw materials, work in process, and finished goods.

Raw materials inventory refers to the basic materials that have not yet been used in production. These are the inputs required to create goods.

Work in process inventory includes goods that are partially completed during the manufacturing process but are not yet finished. This is the transitional stage between raw materials and finished goods.

Finished goods inventory consists of products that are fully completed and ready for sale to customers.

Based on the description of partially completed goods, they fall under the category of 'Work in process inventory,' as they are not raw materials nor fully finished products.