Table of contents

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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 accounts is classified as an asset?

Service Revenue

Accounts Receivable

Owner's Capital

Accounts Payable

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Understand the definition of an asset: An asset is a resource owned by a business that provides future economic benefits. Examples include cash, accounts receivable, inventory, and equipment.

Analyze each account provided in the question to determine if it meets the definition of an asset:

1. Service Revenue: This is not an asset. It represents income earned by the business and is classified as a revenue account.

2. Accounts Receivable: This is an asset. It represents amounts owed to the business by customers for goods or services provided on credit, which will provide future economic benefits.

3. Owner's Capital: This is not an asset. It represents the owner's investment in the business and is classified as an equity account.

4. Accounts Payable: This is not an asset. It represents amounts the business owes to suppliers or creditors and is classified as a liability account.