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

4. Merchandising Operations

Net Sales

Financial Accounting

4. Merchandising Operations

Net Sales

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Multiple Choice

In the context of financial accounting, the value of a car after 5 years is best classified as which type of data?

Nominal data

Ordinal data

Quantitative data

Qualitative data

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Verified step by step guidance

Understand the types of data classifications in financial accounting: Nominal data refers to categories without a numerical value, Ordinal data involves ordered categories, Quantitative data represents numerical values, and Qualitative data describes non-numerical characteristics.

Identify the context of the problem: The value of a car after 5 years is a numerical figure, which can be measured and expressed in monetary terms.

Determine the appropriate classification: Since the value of the car is a measurable quantity, it falls under Quantitative data, which deals with numerical information.

Compare the options provided: Nominal and Qualitative data are non-numerical, and Ordinal data involves ranking or ordering, which does not apply to the car's value.

Conclude that the correct classification for the value of a car after 5 years is Quantitative data, as it represents a numerical measurement.