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

Cost objects include ______.

only the salaries of top management

products, departments, or projects for which costs are measured and assigned

only the direct materials used in production

only external financial statements

Previous problemNext problem

Verified step by step guidance

Understand the concept of 'cost objects': A cost object is anything for which costs are measured and assigned. This can include products, departments, projects, or any other segment of an organization where cost tracking is necessary.

Clarify the scope of cost objects: Cost objects are not limited to specific items like salaries of top management or direct materials. They encompass broader categories that help in cost allocation and management.

Recognize the purpose of cost objects: They are used to determine the cost of producing goods, running departments, or completing projects, which aids in decision-making and financial reporting.

Differentiate cost objects from external financial statements: External financial statements are prepared for stakeholders outside the organization and are not considered cost objects themselves.

Conclude that cost objects include products, departments, or projects for which costs are measured and assigned, as this aligns with the definition and purpose of cost objects in financial accounting.