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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following is NOT used in the preparation of a production budget?

Expected sales in units

Desired ending finished goods inventory

Direct labor cost per unit

Beginning finished goods inventory

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Verified step by step guidance

Understand the purpose of a production budget: A production budget is used to determine the number of units that need to be produced during a specific period to meet expected sales and inventory requirements.

Identify the key components of a production budget: These include expected sales in units, desired ending finished goods inventory, and beginning finished goods inventory. These factors help calculate the total production needs.

Recognize what is NOT part of a production budget: Direct labor cost per unit is a cost-related factor and is typically used in the preparation of a cost budget, not a production budget. Production budgets focus on quantities rather than costs.

Clarify the distinction: While direct labor cost per unit is important for budgeting overall expenses, it does not influence the calculation of the number of units to be produced, which is the focus of the production budget.

Conclude: The correct answer is 'Direct labor cost per unit' because it is not relevant to the preparation of a production budget, which is concerned with units rather than costs.