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

A job costing system is most appropriately used by which type of company?

A utility company

A gasoline refinery

A custom furniture manufacturer

A flour milling company

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Verified step by step guidance

Understand the concept of a job costing system: A job costing system is used to track costs for specific jobs or projects. It is most suitable for companies that produce unique or customized products, as it allows for detailed tracking of materials, labor, and overhead for each individual job.

Analyze the characteristics of each company type listed in the problem: A utility company typically provides standardized services, a gasoline refinery produces standardized products, and a flour milling company also produces standardized goods. These companies are more likely to use process costing systems rather than job costing systems.

Consider the custom furniture manufacturer: This type of company produces unique, customized furniture pieces for individual customers. Each job or project is distinct, requiring specific materials, labor, and overhead tracking, which aligns perfectly with the job costing system.

Match the job costing system to the appropriate company type: Since the custom furniture manufacturer deals with unique and customized products, it is the most appropriate type of company to use a job costing system.

Conclude that the correct answer is the custom furniture manufacturer, as it fits the criteria for using a job costing system due to the nature of its production process.