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 assets is NOT considered to be an ordinary asset?

Office building used by the company

Raw materials used in production

Accounts receivable from customers

Inventory held for sale by a retailer

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Understand the definition of an ordinary asset: Ordinary assets are typically those that are part of a company's normal business operations, such as inventory, accounts receivable, and raw materials used in production.

Analyze each option provided in the question to determine whether it fits the definition of an ordinary asset.

Option 1: 'Office building used by the company' - This is a fixed asset or property, plant, and equipment (PPE), not an ordinary asset, as it is not part of the company's regular business operations or inventory.

Option 2: 'Raw materials used in production' - These are considered ordinary assets because they are directly used in the production process, which is part of normal business operations.

Option 3: 'Accounts receivable from customers' and Option 4: 'Inventory held for sale by a retailer' - Both are ordinary assets because they are directly related to the company's core business activities (selling goods or services).