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

3. Accrual Accounting Concepts

Revenue Recognition and Expense Recognition

Financial Accounting

3. Accrual Accounting Concepts

Revenue Recognition and Expense Recognition

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Multiple Choice

A ____ is a source of revenue flowing into the firm.

dividend

expense

sale

liability

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Verified step by step guidance

Understand the concept of revenue: Revenue refers to the income generated from normal business operations and includes sales of goods and services.

Identify the options provided: dividend, expense, sale, and liability.

Analyze each option: A dividend is a distribution of profits to shareholders, not a source of revenue. An expense is a cost incurred during operations, not revenue. A liability is an obligation or debt, not revenue.

Recognize that 'sale' is the correct answer: Sales represent the primary source of revenue for most firms, as they involve the exchange of goods or services for money.

Conclude that the correct answer is 'sale' because it aligns with the definition of revenue flowing into the firm.