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 an asset in accounting?

Owner's Equity

Accounts Receivable

Service Revenue

Accounts Payable

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Verified step by step guidance

Step 1: Understand the definition of an asset in accounting. An asset is a resource owned or controlled by a company that is expected to provide future economic benefits. Examples include cash, accounts receivable, inventory, and property.

Step 2: Analyze each option provided in the question to determine whether it qualifies as an asset. For example, 'Owner's Equity' represents the residual interest in the assets of the entity after deducting liabilities, so it is not an asset.

Step 3: Evaluate 'Accounts Receivable.' This represents money owed to the company by customers for goods or services provided on credit. Since it is expected to provide future economic benefits, it qualifies as an asset.

Step 4: Consider 'Service Revenue.' Revenue is the income earned from providing services or selling goods, but it is not a resource owned or controlled by the company, so it is not an asset.

Step 5: Assess 'Accounts Payable.' This represents amounts the company owes to suppliers or creditors, which is a liability rather than an asset. Therefore, it does not qualify as an asset.