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 is an example of an expense account?

Rent Expense

Owner's Capital

Service Revenue

Accounts Receivable

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Verified step by step guidance

Step 1: Understand the concept of an expense account. An expense account is used to record costs incurred by a business during its operations, such as rent, utilities, salaries, and other operational expenses.

Step 2: Analyze the options provided in the question. Identify which of the accounts listed represents a cost or expenditure for the business.

Step 3: Evaluate 'Rent Expense' as an example of an expense account. Rent Expense is a cost incurred for using a property or space, making it a clear example of an expense account.

Step 4: Review the other options: 'Owner's Capital' represents the owner's equity, 'Service Revenue' represents income earned by the business, and 'Accounts Receivable' represents money owed to the business by customers. None of these are expense accounts.

Step 5: Conclude that 'Rent Expense' is the correct example of an expense account, as it directly reflects a cost incurred by the business.