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 best defines a plant asset?

A short-term investment held for trading purposes.

An intangible asset such as a patent or trademark.

A long-term tangible asset used in the operations of a business and not intended for resale.

A liability that is due within one year.

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Verified step by step guidance

Step 1: Understand the concept of plant assets. Plant assets are long-term tangible assets used in the operations of a business. They are not intended for resale and typically include items such as buildings, machinery, equipment, and land.

Step 2: Eliminate options that do not match the definition of plant assets. For example, short-term investments held for trading purposes are financial assets, not plant assets. Similarly, intangible assets like patents or trademarks are not tangible and therefore do not qualify as plant assets.

Step 3: Consider the option related to liabilities. A liability due within one year is classified as a current liability, not a plant asset.

Step 4: Identify the correct option that matches the definition of plant assets. The correct answer is: 'A long-term tangible asset used in the operations of a business and not intended for resale.'

Step 5: Review the definition and ensure clarity. Plant assets are physical, long-term assets that contribute to the production or operational processes of a business, distinguishing them from financial, intangible, or current liabilities.