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

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

Which of the following is NOT considered a type of receivable in financial accounting?

Interest Receivable

Accounts Receivable

FICO Scores Receivable

Notes Receivable

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Understand the concept of receivables: Receivables in financial accounting represent amounts owed to a company by customers or other parties. They are considered assets because they are expected to be converted into cash in the future.

Review the types of receivables listed: Interest Receivable, Accounts Receivable, Notes Receivable, and FICO Scores Receivable.

Define each type of receivable: - Interest Receivable refers to interest income earned but not yet received. - Accounts Receivable represents amounts owed by customers for goods or services provided on credit. - Notes Receivable refers to written promises for amounts to be received, often including interest. - FICO Scores Receivable is not a recognized type of receivable in financial accounting.

Identify the correct answer: Since FICO Scores Receivable is not a type of receivable recognized in financial accounting, it is the correct answer to the question.

Conclude the reasoning: The other options (Interest Receivable, Accounts Receivable, Notes Receivable) are valid types of receivables because they represent amounts owed to the company, while FICO Scores Receivable does not fit the definition of a receivable.