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 is NOT typically considered a component of the master budget in accounting?

Production budget

Cash budget

Sales budget

Audit budget

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Verified step by step guidance

Understand the concept of a master budget: A master budget is a comprehensive financial planning document that includes various individual budgets, which together provide a complete picture of an organization's financial activities for a specific period.

Identify the typical components of a master budget: These usually include the sales budget, production budget, direct materials budget, direct labor budget, overhead budget, selling and administrative expense budget, and cash budget. These budgets are interconnected and help in planning and controlling operations.

Analyze the given options: The production budget, cash budget, and sales budget are all integral parts of the master budget. They contribute to forecasting production needs, cash flows, and revenue generation, respectively.

Evaluate the 'Audit budget': An audit budget is not typically part of the master budget. It is related to the planning and allocation of resources for auditing activities, which are more focused on compliance and assurance rather than operational planning.

Conclude that the correct answer is 'Audit budget' because it is not a component of the master budget, which focuses on operational and financial planning rather than auditing activities.