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

4. Merchandising Operations

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

Financial Accounting

4. Merchandising Operations

Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory

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Multiple Choice

Which of the following costs is NOT recorded as part of the cost of a building?

Cost of paving the parking lot

Cost of installing elevators

Architectural fees

Legal fees to obtain title

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Verified step by step guidance

Step 1: Understand the concept of 'cost of a building' in financial accounting. Costs that are directly attributable to the construction or acquisition of a building are included in its cost. These typically include costs necessary to prepare the building for its intended use.

Step 2: Review each option provided in the problem. Determine whether each cost is directly related to the building itself or if it pertains to external improvements or other expenses.

Step 3: Analyze 'Cost of paving the parking lot.' Parking lots are considered land improvements, not part of the building itself. Therefore, this cost is not recorded as part of the cost of the building.

Step 4: Analyze 'Cost of installing elevators.' Elevators are integral to the building's functionality and are included in the cost of the building.

Step 5: Analyze 'Architectural fees' and 'Legal fees to obtain title.' Both are directly related to the construction and acquisition of the building, so they are included in the building's cost.