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 classified as a product-level activity?

Maintaining the factory building

Designing a new product model

Setting up machines for a production run

Ordering raw materials for each batch

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Verified step by step guidance

Understand the concept of product-level activities: These are activities that are performed to support the production of a specific product, regardless of the number of units or batches produced. They are directly tied to the product itself.

Analyze each option provided in the problem: Determine whether the activity is specific to a product or if it is related to batch-level, unit-level, or facility-level activities.

Option 1: Maintaining the factory building - This is a facility-level activity because it supports the entire factory and is not specific to any one product.

Option 2: Designing a new product model - This is a product-level activity because it is directly related to the creation and development of a specific product model.

Option 3: Setting up machines for a production run and Option 4: Ordering raw materials for each batch - Both of these are batch-level activities because they are performed for each batch of production rather than for a specific product.