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 is the best example of an asset?

Owner's Equity

Accounts Payable

Accounts Receivable

Sales Revenue

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Understand the definition of an asset: An asset is a resource owned or controlled by a company that is expected to provide future economic benefits.

Review the options provided: Owner's Equity, Accounts Payable, Accounts Receivable, and Sales Revenue.

Analyze each option: Owner's Equity represents the residual interest in the assets of the entity after deducting liabilities, not an asset. Accounts Payable is a liability, representing amounts owed to creditors. Sales Revenue is an income account, reflecting earnings from sales, not an asset.

Focus on Accounts Receivable: This represents amounts owed to the company by customers for goods or services provided on credit. It is classified as an asset because it is expected to bring future economic benefits when collected.

Conclude that Accounts Receivable is the best example of an asset among the options provided, as it meets the definition of an asset by providing future economic benefits.