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

According to standard accounting classifications, a student checking account would be classified as which type of account?

Asset account

Liability account

Equity account

Revenue account

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Verified step by step guidance

Understand the nature of a student checking account: It represents money that the student owns and can use, typically held in a bank.

Recall the definition of an asset account: Assets are resources owned by an entity that have economic value and can provide future benefits.

Compare the student checking account to the characteristics of an asset account: Since the account contains funds owned by the student, it fits the definition of an asset.

Review the other classifications: Liability accounts represent obligations, equity accounts represent ownership interest, and revenue accounts represent income earned. None of these apply to a checking account.

Conclude that a student checking account is classified as an asset account because it represents a resource owned by the student.