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 asset account?

Inventory

Accounts Receivable

Accounts Payable

Prepaid Expenses

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Understand the definition of an asset account: An asset account represents resources owned by a company that have future economic value, such as cash, inventory, accounts receivable, and prepaid expenses.

Review each option provided in the problem: Inventory, Accounts Receivable, Accounts Payable, and Prepaid Expenses.

Identify which accounts are asset accounts: Inventory, Accounts Receivable, and Prepaid Expenses are all examples of asset accounts because they represent resources owned by the company.

Understand the nature of Accounts Payable: Accounts Payable is a liability account, not an asset account. It represents amounts owed by the company to suppliers or creditors for goods and services received.

Conclude that the correct answer is Accounts Payable, as it does not meet the definition of an asset account.