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 flexible expense?

Groceries

Monthly mortgage payment

Property taxes

Car loan installment

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Verified step by step guidance

Understand the concept of flexible expenses: Flexible expenses are costs that can vary in amount and are not fixed. These expenses are typically discretionary and can be adjusted based on personal choices or circumstances.

Analyze each option provided in the problem: Monthly mortgage payment, property taxes, car loan installment, and groceries.

Determine which expenses are fixed: Fixed expenses are consistent and do not change month-to-month, such as monthly mortgage payments, property taxes, and car loan installments.

Identify the expense that is flexible: Groceries are considered a flexible expense because the amount spent can vary depending on choices, needs, and budgeting decisions.

Conclude that groceries are the correct answer as they meet the criteria for a flexible expense, unlike the other options which are fixed expenses.