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

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

The core competencies of a business are generated by the interaction of which of the following?

Revenues and expenses

Owners and creditors

Resources and capabilities

Assets and liabilities

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Verified step by step guidance

Understand the concept of core competencies: Core competencies refer to the unique strengths and abilities that give a business a competitive advantage. These are typically generated by the interaction of resources (such as physical assets, intellectual property, and human capital) and capabilities (the ability to effectively utilize those resources).

Analyze the options provided: The problem lists several pairs of elements, such as revenues and expenses, owners and creditors, resources and capabilities, and assets and liabilities. Evaluate which pair aligns with the definition of core competencies.

Focus on resources and capabilities: Resources are the tangible and intangible assets a business possesses, while capabilities refer to the processes and skills that allow the business to use those resources effectively. Together, they form the foundation of core competencies.

Eliminate incorrect options: Revenues and expenses relate to financial performance, not core competencies. Owners and creditors pertain to ownership and financing structures, which are not directly tied to core competencies. Assets and liabilities are part of the balance sheet but do not inherently define core competencies.

Conclude that the correct answer is 'resources and capabilities,' as these are the elements that interact to generate the core competencies of a business.