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 NOT an example of income?

Food

Allowance

Tips

Wages

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Verified step by step guidance

Step 1: Understand the concept of income. Income refers to money or other benefits received by an individual or entity in exchange for providing goods, services, or through investments. It is typically categorized as earned income (e.g., wages, tips) or unearned income (e.g., allowances, dividends).

Step 2: Analyze each option provided in the question. Determine whether each item qualifies as income based on the definition. For example, wages are earned income received for work performed, and tips are additional earned income received for services provided.

Step 3: Consider the nature of 'allowance.' Allowance can be considered income if it is money received regularly, such as a stipend or financial support. It is unearned income because it is not directly tied to work or services.

Step 4: Evaluate 'food' as an option. Food is not considered income because it is a physical item rather than monetary or financial compensation. It does not fit the definition of income.

Step 5: Conclude that the correct answer is 'Food,' as it is the only option that does not qualify as income based on the definition provided.