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

Rent and car insurance payments are both which type of expenses?

Non-operating expenses

Fixed expenses

Capital expenses

Variable expenses

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Verified step by step guidance

Understand the concept of fixed expenses: Fixed expenses are costs that do not change with the level of activity or production. They are recurring and predictable, such as rent and insurance payments.

Compare fixed expenses with variable expenses: Variable expenses fluctuate based on activity levels, such as costs for raw materials or utilities that depend on usage.

Analyze the nature of rent payments: Rent is typically a fixed amount agreed upon in a lease contract and does not vary month-to-month based on usage or activity.

Examine car insurance payments: Car insurance premiums are usually fixed and paid periodically, regardless of how much the car is used.

Conclude that both rent and car insurance payments are fixed expenses because they are predictable and do not vary with activity levels.