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 items is typically included in the definition of inventory in financial accounting?

Raw materials held for production

Land held for future expansion

Patents and trademarks

Office equipment used in daily operations

Previous problemNext problem

Verified step by step guidance

Understand the definition of inventory in financial accounting: Inventory typically refers to assets that are held for sale in the ordinary course of business, in the process of production for such sale, or materials and supplies consumed in production.

Analyze each option provided in the question to determine whether it fits the definition of inventory.

Option 1: Raw materials held for production - These are materials used in the production process and are considered part of inventory as they are consumed to create goods for sale.

Option 2: Land held for future expansion - Land is classified as a long-term asset and not inventory because it is not held for sale or production purposes.

Option 3: Patents and trademarks - These are intangible assets and do not fall under the definition of inventory as they are not physical goods held for sale or production.

Option 4: Office equipment used in daily operations - Office equipment is classified as a fixed asset and not inventory because it is used in operations rather than being held for sale or production.