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 NOT considered an example of income in financial accounting?

Wages

Food

Tips

Allowance

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Verified step by step guidance

Step 1: Understand the concept of income in financial accounting. Income refers to any inflow of economic benefits that increases equity, excluding contributions from owners. Examples include wages, tips, and allowances.

Step 2: Analyze each option provided in the question. Determine whether each item represents an inflow of economic benefits that fits the definition of income.

Step 3: Evaluate 'Wages.' Wages are payments received for work performed and are considered income because they increase economic benefits.

Step 4: Evaluate 'Tips.' Tips are additional payments received for services provided and are considered income as they increase economic benefits.

Step 5: Evaluate 'Food.' Food is not an inflow of economic benefits in financial accounting terms. It is a consumable item and does not fit the definition of income.