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

It is unusual for a company to sell which of the following?

Inventory

Services

Accounts Receivable

Fixed Assets

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Understand the nature of the items listed: Inventory, Services, Accounts Receivable, and Fixed Assets. These represent different types of assets or revenue-generating activities for a company.

Inventory refers to goods that a company holds for sale in the ordinary course of business. Selling inventory is a common activity for companies, especially those in retail or manufacturing.

Services represent intangible offerings provided by a company, such as consulting or maintenance. Selling services is typical for service-based businesses.

Accounts Receivable represents money owed to the company by customers who have purchased goods or services on credit. Selling accounts receivable is unusual and typically occurs through a process called factoring, where a company sells its receivables to a third party to improve cash flow.

Fixed Assets are long-term tangible assets used in the operation of a business, such as machinery, buildings, or vehicles. Selling fixed assets is uncommon unless the company is restructuring, downsizing, or replacing outdated equipment. This makes Accounts Receivable the correct answer as the most unusual item for a company to sell.