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

Which type of business organization is primarily involved in developing products for distribution from raw goods?

Non-profit organization

Merchandising business

Manufacturing business

Service business

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Verified step by step guidance

Understand the types of business organizations: Non-profit organizations focus on social causes rather than profit, merchandising businesses buy and sell finished goods, service businesses provide intangible services, and manufacturing businesses transform raw materials into finished products.

Identify the key activity described in the problem: Developing products for distribution from raw goods. This involves converting raw materials into finished goods, which is a characteristic of manufacturing businesses.

Compare the activity to the definitions of each business type: Non-profit organizations do not focus on product development, merchandising businesses do not manufacture goods, and service businesses do not deal with physical goods production.

Recognize that manufacturing businesses are primarily involved in the production process, taking raw materials and converting them into finished goods for distribution.

Conclude that the correct type of business organization for the described activity is a manufacturing business, as it aligns with the definition provided.