Table of contents

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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

A monthly utility bill is an example of which of the following types of expenses?

Variable expense

Fixed expense

Operating expense

Capital expense

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Understand the definitions of the expense types mentioned in the problem: Variable expense, Fixed expense, Operating expense, and Capital expense.

Variable expense: These are costs that change depending on the level of activity or usage, such as utility bills, which fluctuate based on consumption.

Fixed expense: These are costs that remain constant over time, such as rent or insurance premiums, regardless of activity levels.

Operating expense: These are expenses incurred during the normal course of business operations, including both variable and fixed expenses, such as utility bills, salaries, and maintenance costs.

Capital expense: These are costs related to acquiring or upgrading long-term assets, such as purchasing equipment or property, which are not typically associated with monthly utility bills.