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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is considered a real asset in accounting?

Accounts Receivable

Prepaid Expenses

Land

Goodwill

Previous problemNext problem

Verified step by step guidance

Understand the concept of real assets: Real assets are physical or tangible assets that have intrinsic value due to their substance and properties. Examples include land, buildings, equipment, and natural resources.

Differentiate real assets from financial assets: Financial assets, such as accounts receivable and goodwill, represent claims or rights to future cash flows but do not have physical substance.

Analyze each option: Accounts receivable and prepaid expenses are financial assets because they represent future economic benefits but lack physical substance. Goodwill is an intangible asset, representing the value of a company's reputation or brand, and is not a physical asset.

Focus on the correct answer: Land is a physical, tangible asset with intrinsic value, making it a real asset in accounting.

Conclude: Real assets are tangible and physical, and among the options provided, land is the correct example of a real asset.