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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following are examples of one-time expenses that most businesses have?

Advertising expenses and insurance premiums

Purchase of office equipment and legal incorporation fees

Monthly utility bills and employee salaries

Inventory purchases and rent payments

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Verified step by step guidance

Understand the concept of one-time expenses: These are costs incurred by a business that are not recurring and typically happen only once during the lifecycle of the business. Examples include initial setup costs or major purchases.

Analyze the options provided in the problem: Look for expenses that are not recurring and are associated with starting or significantly upgrading the business.

Option 1: Advertising expenses and insurance premiums - These are recurring expenses as businesses often pay for advertising campaigns and insurance on a regular basis.

Option 2: Purchase of office equipment and legal incorporation fees - These are one-time expenses because office equipment is typically purchased once (or infrequently) and legal incorporation fees are paid during the initial setup of the business.

Option 3 and 4: Monthly utility bills, employee salaries, inventory purchases, and rent payments - These are recurring expenses as they are paid regularly to maintain business operations.