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 classified as direct labor?

Factory janitors cleaning the production area

Bakers preparing bread in a bakery

Machine operators producing custom furniture

Assembly line workers in a car manufacturing plant

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Verified step by step guidance

Understand the concept of direct labor: Direct labor refers to the labor costs directly associated with the production of goods or services. These are workers who are actively involved in the manufacturing or assembly process.

Analyze the role of each worker mentioned in the options: Bakers preparing bread, machine operators producing custom furniture, and assembly line workers in a car manufacturing plant are all directly involved in the production process. Their work contributes directly to the creation of the final product.

Consider the role of factory janitors cleaning the production area: Factory janitors are not directly involved in the production process. Their work supports the production environment but does not directly contribute to the creation of goods or services.

Classify the roles: Direct labor includes workers whose efforts are directly traceable to the production of goods or services. Indirect labor includes workers whose efforts support the production process but are not directly traceable to specific products.

Conclude that factory janitors cleaning the production area are classified as indirect labor, not direct labor, because their work supports the production process rather than directly contributing to the creation of goods.