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

Manufacturing costs can be divided into three categories: direct materials, direct labor, and which of the following?

Administrative expenses

Indirect revenues

Manufacturing overhead

Selling expenses

Previous problemNext problem

Verified step by step guidance

Understand the three main categories of manufacturing costs: direct materials, direct labor, and manufacturing overhead. These are costs directly associated with the production process.

Direct materials refer to raw materials that are directly used in the production of goods, such as wood for furniture or fabric for clothing.

Direct labor includes wages paid to workers who are directly involved in the manufacturing process, such as assembly line workers.

Manufacturing overhead encompasses all indirect costs related to production, such as factory rent, utilities, equipment depreciation, and salaries of supervisors. These costs cannot be directly traced to specific products.

Administrative expenses, selling expenses, and indirect revenues are not part of manufacturing costs. They are categorized separately as period costs or non-manufacturing costs.