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

Standard cost systems depend on which two types of standards?

Quantity standards and price standards

Cash standards and accrual standards

Internal standards and external standards

Financial standards and managerial standards

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Verified step by step guidance

Understand the concept of standard cost systems: These systems are used in managerial accounting to measure performance by comparing actual costs to predetermined standards.

Identify the two types of standards commonly used in standard cost systems: Quantity standards and price standards. Quantity standards refer to the expected amount of input (e.g., materials or labor) required to produce a unit of output, while price standards refer to the expected cost per unit of input.

Eliminate incorrect options: Cash standards and accrual standards are related to accounting methods, not standard cost systems. Internal standards and external standards are not specific to cost systems. Financial standards and managerial standards are broader categories and do not directly apply to standard cost systems.

Focus on the correct answer: Quantity standards and price standards are the two types of standards that standard cost systems depend on.

Review the importance of these standards: Quantity standards help in controlling the efficiency of resource usage, while price standards help in managing cost control and budgeting.