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 statements about controllable costs is FALSE?

Fixed costs may be controllable at higher management levels.

All variable costs are always controllable by lower-level managers.

Controllable costs can be influenced or regulated by a specific manager within a given period.

Controllable costs are relevant for performance evaluation of managers.

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Verified step by step guidance

Understand the concept of controllable costs: Controllable costs are those that a manager has the authority to influence or regulate within a specific time frame. These costs are relevant for evaluating the performance of managers.

Analyze the statement 'Fixed costs may be controllable at higher management levels': Fixed costs, such as rent or salaries, are generally not controllable by lower-level managers but may be influenced by higher-level management decisions. This statement is true.

Evaluate the statement 'All variable costs are always controllable by lower-level managers': Variable costs, such as raw materials or direct labor, are often controllable by lower-level managers. However, not all variable costs are always controllable due to external factors like market conditions or supplier constraints. This statement is false.

Review the statement 'Controllable costs can be influenced or regulated by a specific manager within a given period': This aligns with the definition of controllable costs and is true.

Assess the statement 'Controllable costs are relevant for performance evaluation of managers': Since controllable costs reflect the decisions and actions of managers, they are indeed relevant for evaluating managerial performance. This statement is true.