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 an equity account?

Common Stock

Notes Payable

Accounts Receivable

Prepaid Expenses

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Verified step by step guidance

Step 1: Understand the concept of equity accounts. Equity accounts represent the ownership interest of shareholders in a company. Common examples include Common Stock, Retained Earnings, and Additional Paid-In Capital.

Step 2: Analyze each option provided in the question. Determine whether each account falls under the category of equity, liability, asset, or expense.

Step 3: Evaluate 'Common Stock.' Common Stock is an equity account because it represents ownership shares issued to shareholders.

Step 4: Evaluate 'Notes Payable.' Notes Payable is a liability account because it represents amounts owed by the company to creditors.

Step 5: Evaluate 'Accounts Receivable' and 'Prepaid Expenses.' Both are asset accounts. Accounts Receivable represents money owed to the company by customers, and Prepaid Expenses represent payments made in advance for future expenses.