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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which type of accounting most commonly deals with the classification and allocation of factory overhead, which includes all manufacturing costs except direct materials and direct labor?

Cost Accounting

Financial Accounting

Managerial Accounting

Tax Accounting

Previous problemNext problem

Verified step by step guidance

Understand the concept of factory overhead: Factory overhead refers to all manufacturing costs that are not direct materials or direct labor. These include costs such as utilities, depreciation of equipment, and maintenance expenses.

Recognize the role of Cost Accounting: Cost Accounting focuses on tracking, analyzing, and allocating costs associated with production, including factory overhead. It helps businesses determine the cost of manufacturing products and services.

Differentiate between the accounting types: Financial Accounting deals with preparing financial statements for external stakeholders, Managerial Accounting focuses on internal decision-making, and Tax Accounting is concerned with compliance and tax reporting. Cost Accounting specifically addresses the classification and allocation of manufacturing costs.

Identify the correct answer: Since the problem asks about the classification and allocation of factory overhead, the type of accounting that most commonly deals with this is Cost Accounting.

Conclude the reasoning: Cost Accounting is essential for understanding production costs, setting prices, and improving efficiency, making it the most relevant type of accounting for handling factory overhead.