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

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

If you are managing inventory of raw materials, which type of receivable is most directly involved in controlling and tracking these assets?

Inventory Records

Accounts Receivable

Interest Receivable

Notes Receivable

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Verified step by step guidance

Understand the context of the problem: The question is asking about managing inventory of raw materials and the type of receivable most directly involved in controlling and tracking these assets.

Clarify the term 'receivable': Receivables generally refer to amounts owed to a company by customers or other parties. Examples include Accounts Receivable, Interest Receivable, and Notes Receivable. However, inventory management is not directly related to receivables.

Identify the correct concept: Inventory management involves tracking and controlling raw materials, which is typically done through 'Inventory Records' rather than receivables. Receivables are financial assets, while inventory records are operational tools.

Eliminate irrelevant options: Accounts Receivable, Interest Receivable, and Notes Receivable are not directly involved in managing inventory. These terms relate to amounts owed to the company, not the physical tracking of inventory.

Conclude the correct answer: The correct answer is 'Inventory Records,' as they are the most directly involved in controlling and tracking raw materials in inventory management.