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 classified as a general lien?

Mechanic's lien

Vendor's lien

Federal income tax lien

Mortgage lien

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Verified step by step guidance

Understand the concept of a lien: A lien is a legal claim or right against a property that allows the holder to secure payment for a debt or obligation. Liens can be classified as specific or general. Specific liens apply to a particular asset, while general liens apply to all assets of the debtor.

Review the types of liens mentioned in the problem: Mechanic's lien, Vendor's lien, Federal income tax lien, and Mortgage lien. Determine whether each is specific or general based on its scope.

Mechanic's lien: This is a specific lien because it applies to the property where work was performed or materials were supplied.

Vendor's lien: This is also a specific lien, as it applies to the property sold by the vendor until the purchase price is fully paid.

Federal income tax lien: This is a general lien because it applies to all assets of the debtor, not just a specific property. Mortgage lien: This is a specific lien because it applies to the property used as collateral for the mortgage loan.