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

Which of the following would be considered a period cost for a textbook printing company?

Salaries of sales staff

Depreciation on printing equipment

Paper used in printing textbooks

Wages of machine operators

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Verified step by step guidance

Understand the concept of period costs: Period costs are expenses that are not directly tied to the production process. These costs are incurred over a specific period and are typically associated with selling, administrative, or general business operations.

Analyze each option provided in the problem: Determine whether each cost is related to production or falls under selling and administrative expenses.

Option 1: Salaries of sales staff - This is a selling expense and is considered a period cost because it is not directly tied to the production of textbooks.

Option 2: Depreciation on printing equipment - This is a production-related cost because the equipment is used in the manufacturing process. It is classified as a product cost, not a period cost.

Option 3: Paper used in printing textbooks and Option 4: Wages of machine operators - Both are directly tied to the production process and are considered product costs, not period costs.