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 an example of a fixed asset?

Office building

Accounts receivable

Inventory

Cash

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Verified step by step guidance

Understand the concept of fixed assets: Fixed assets are long-term tangible assets used in the operations of a business and are not expected to be converted into cash within a year. Examples include buildings, machinery, and equipment.

Analyze each option provided: Office building, Accounts receivable, Inventory, and Cash.

Determine the nature of each option: Office building is a tangible asset used in operations and has a long-term purpose, making it a fixed asset. Accounts receivable, Inventory, and Cash are current assets, as they are expected to be converted into cash or used within a year.

Confirm the classification: Fixed assets are typically recorded on the balance sheet under property, plant, and equipment (PP&E). Office building fits this classification.

Conclude that the correct answer is 'Office building' because it meets the criteria of a fixed asset, while the other options are classified as current assets.