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

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

Which of the following is NOT considered a type of receivable in financial accounting?

Interest Receivable

Accounts Receivable

Accounts Payable

Notes Receivable

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Verified step by step guidance

Step 1: Understand the concept of receivables in financial accounting. Receivables are amounts owed to a company by customers or other parties, typically resulting from sales or lending activities. They are considered assets on the balance sheet.

Step 2: Review the types of receivables mentioned in the problem: Interest Receivable, Accounts Receivable, and Notes Receivable. These are all examples of receivables because they represent amounts owed to the company.

Step 3: Analyze the term 'Accounts Payable.' Accounts Payable is a liability, not an asset. It represents amounts the company owes to suppliers or creditors for goods or services received.

Step 4: Compare the terms provided in the problem. Identify that 'Accounts Payable' is fundamentally different from the other options because it is a liability, not a receivable.

Step 5: Conclude that 'Accounts Payable' is NOT considered a type of receivable in financial accounting, as it represents an obligation to pay rather than an amount to be received.