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

Anything that can be used for payment of goods and services is defined as ______.

revenue

money

equity

liability

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Verified step by step guidance

Understand the concept of payment for goods and services: In Financial Accounting, anything that can be used to settle transactions or pay for goods and services is typically referred to as 'money' or 'currency.'

Review the definitions of the given options: Revenue refers to income earned from business operations, equity represents ownership interest in a company, and liability refers to obligations or debts owed by a company.

Identify the term that directly aligns with the ability to pay for goods and services: Money is the medium of exchange used for transactions, making it the correct answer in this context.

Eliminate incorrect options: Revenue, equity, and liability do not directly serve as a medium of exchange for payment of goods and services.

Conclude that the correct term for anything used for payment of goods and services is 'money.'