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

Fixed assets are property and buildings that a firm expects to use for more than:

three months

one year

six months

one month

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Verified step by step guidance

Understand the concept of fixed assets: Fixed assets are long-term tangible assets that a company uses in its operations to generate income. These assets are not expected to be consumed or converted into cash within a short period.

Identify the time frame associated with fixed assets: Fixed assets are typically expected to be used for more than one year, distinguishing them from current assets, which are expected to be used or converted into cash within one year.

Review the options provided in the problem: The options include 'three months,' 'one year,' 'six months,' and 'one month.' Compare these time frames to the definition of fixed assets.

Eliminate incorrect options: Fixed assets are not classified based on short-term periods like 'one month,' 'three months,' or 'six months,' as these are too brief to meet the criteria for fixed assets.

Select the correct answer: Based on the definition of fixed assets, the correct time frame is 'one year,' as fixed assets are expected to be used for more than one year.