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

In financial accounting, the seller in a transaction is known as the:

Debtor

Purchaser

Creditor

Vendor

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Verified step by step guidance

Understand the terminology: In financial accounting, the seller in a transaction is referred to as the 'Vendor.' This term is used to describe the party that provides goods or services in exchange for payment.

Differentiate the roles: A 'Debtor' is someone who owes money, typically the buyer who has yet to pay for goods or services. A 'Purchaser' is the party buying the goods or services. A 'Creditor' is someone to whom money is owed, often the seller who has extended credit.

Focus on the seller's role: The seller is the party providing goods or services, and in accounting terms, this role is specifically labeled as 'Vendor.'

Relate to real-world transactions: In a typical business transaction, the vendor is responsible for delivering goods or services and issuing an invoice to the purchaser for payment.

Apply the concept: When analyzing transactions in financial accounting, always identify the vendor as the seller to ensure proper classification and recording in the accounts.