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

Because projects are short term, they are different from ongoing business __________.

operations

liabilities

revenues

assets

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Verified step by step guidance

Understand the context of the question: Projects are typically short-term in nature, whereas ongoing business activities are long-term and continuous. This distinction is key to identifying the correct answer.

Analyze the options provided: 'operations,' 'liabilities,' 'revenues,' and 'assets.' Each term represents a different aspect of financial accounting and business activities.

Consider the definition of 'operations': Ongoing business operations refer to the continuous activities that a company performs to generate revenue and sustain its business, such as production, sales, and service delivery.

Compare 'operations' with the nature of short-term projects: Since projects are temporary and have a defined end, they differ from the continuous and long-term nature of business operations.

Conclude that 'operations' is the correct answer because it best contrasts with the short-term nature of projects, while the other options (liabilities, revenues, assets) do not directly relate to the distinction described in the question.