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

Fundamental Accounting Equation

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Multiple Choice

In the context of the fundamental accounting equation, what is the amount remaining after the value of all liabilities is subtracted from the value of all assets?

Total Revenue

Gross Profit

Owner's Equity

Net Income

Verified step by step guidance

Understand the fundamental accounting equation: Assets = Liabilities + Owner's Equity.

Rearrange the equation to isolate Owner's Equity: Owner's Equity = Assets - Liabilities.

Identify the values for Assets and Liabilities provided in the problem or scenario.

Subtract the total value of Liabilities from the total value of Assets using the formula Owner's Equity = Assets - Liabilities.

Interpret the result as the Owner's Equity, which represents the residual interest in the assets of the entity after deducting liabilities.

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