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 considered a type of receivable in financial accounting?

Unearned Revenue

Accounts Receivable

Accounts Payable

Prepaid Expenses

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Verified step by step guidance

Understand the concept of receivables: In financial accounting, receivables represent amounts owed to a company by customers or other parties, typically arising from sales or services provided on credit.

Analyze each option: Unearned Revenue refers to money received before goods or services are delivered, which is a liability, not a receivable. Accounts Payable represents amounts a company owes to suppliers, which is a liability. Prepaid Expenses are payments made in advance for goods or services, which are considered assets but not receivables.

Focus on Accounts Receivable: Accounts Receivable is the correct type of receivable. It represents money owed to the company by customers for credit sales or services provided.

Confirm the classification: Accounts Receivable is classified as a current asset on the balance sheet because it is expected to be converted into cash within a year.

Conclude the reasoning: Based on the definitions and classifications, Accounts Receivable is the correct answer as it fits the definition of a receivable in financial accounting.