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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is an accurate definition of the term 'asset' in accounting?

A record of all revenues and expenses over a specific period.

An obligation arising from past events that will result in an outflow of resources.

The residual interest in the assets of the entity after deducting liabilities.

A resource owned or controlled by a company that is expected to provide future economic benefits.

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the term 'asset' in accounting. An asset is defined as a resource owned or controlled by a company that is expected to provide future economic benefits.

Step 2: Compare the definition of 'asset' with the options provided in the problem. Analyze each option to determine if it aligns with the definition of an asset.

Step 3: Option A describes a record of revenues and expenses, which is related to the income statement, not an asset. Eliminate this option.

Step 4: Option B refers to an obligation arising from past events, which is the definition of a liability, not an asset. Eliminate this option.

Step 5: Option C describes the residual interest in assets after deducting liabilities, which is the definition of equity, not an asset. The correct answer is the last option, which matches the definition of an asset as a resource expected to provide future economic benefits.