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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which term best completes the sentence: 'A product ________ is all the products offered by an organization.'?

cost

line

margin

mix

Previous problemNext problem

Verified step by step guidance

Understand the context of the question: The sentence is asking for a term that describes all the products offered by an organization. This is a conceptual question related to business terminology.

Clarify the options provided: The terms 'cost,' 'line,' 'margin,' and 'mix' are all business-related terms, but they have distinct meanings. For example, 'cost' refers to the expense incurred to produce a product, 'line' refers to a group of related products, 'margin' refers to the profit made on a product, and 'mix' refers to the variety of products offered.

Focus on the term 'mix': In financial accounting and business, 'product mix' is the term used to describe the complete range of products that an organization offers. It encompasses all product lines and variations.

Eliminate incorrect options: 'Cost' and 'margin' are financial metrics and do not describe a collection of products. 'Line' refers to a subset of products, not the entire range. Therefore, 'mix' is the most appropriate term.

Conclude the reasoning: The term 'product mix' best completes the sentence because it accurately represents all the products offered by an organization.