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 best describes the primary difference between a wage, a salary, and a commission?

A wage is paid based on hours worked, a salary is a fixed regular payment, and a commission is based on performance or sales.

A wage is only paid to managers, a salary to hourly workers, and a commission to executives.

A wage and a salary are both based on sales performance, while a commission is a fixed monthly payment.

A wage is a fixed annual payment, a salary is paid per hour, and a commission is a bonus for attendance.

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Verified step by step guidance

Step 1: Understand the definitions of wage, salary, and commission. A wage is typically paid based on the number of hours worked, a salary is a fixed regular payment (often monthly or bi-weekly), and a commission is a payment based on performance or sales.

Step 2: Analyze the options provided in the question. Compare each description to the definitions of wage, salary, and commission.

Step 3: Eliminate incorrect options by identifying inaccuracies in the descriptions. For example, a wage is not exclusively paid to managers, and a salary is not paid per hour.

Step 4: Focus on the option that aligns with the definitions. The correct description should accurately reflect the distinctions between wage, salary, and commission.

Step 5: Confirm your understanding by reviewing the definitions again and ensuring the selected option is consistent with the primary differences described.