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 considered a plant asset?

Inventory

Office Equipment

Prepaid Insurance

Accounts Receivable

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Understand the definition of plant assets: Plant assets are tangible, long-term assets used in the operations of a business. They are not intended for resale and typically include items like buildings, machinery, and equipment.

Analyze each option provided in the question: Inventory, Office Equipment, Prepaid Insurance, and Accounts Receivable.

Evaluate Inventory: Inventory is classified as a current asset because it is intended for resale and is not used in the operations of the business.

Evaluate Prepaid Insurance: Prepaid Insurance is considered a current asset because it represents payments made in advance for insurance coverage, not a tangible asset used in operations.

Evaluate Accounts Receivable: Accounts Receivable is also a current asset, representing amounts owed to the business by customers. It is not a tangible asset used in operations. Office Equipment, however, is a tangible, long-term asset used in operations, making it a plant asset.