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

In the context of accounting, institutional advertisements are best classified as:

A form of revenue recognized under accrual accounting

An example of indirect costs typically recorded as period expenses in financial accounting

A liability reported on the balance sheet under governmental accounting

A type of direct cost capitalized as part of inventory in managerial accounting

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Verified step by step guidance

Understand the concept of institutional advertisements: These are promotional activities aimed at enhancing the image or reputation of an organization rather than directly promoting specific products or services.

Recognize the classification of costs in financial accounting: Costs are typically categorized as direct costs (traceable to a specific product or service) or indirect costs (not directly traceable to a specific product or service).

Learn about period expenses: Indirect costs, such as institutional advertisements, are often recorded as period expenses because they are incurred during a specific accounting period and are not directly tied to the production of goods or services.

Differentiate between direct and indirect costs: Direct costs are capitalized as part of inventory in managerial accounting, while indirect costs like institutional advertisements are expensed in the period they are incurred in financial accounting.

Conclude that institutional advertisements are classified as indirect costs typically recorded as period expenses in financial accounting, as they do not directly contribute to the production of goods or services.