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 lists includes only examples of assets?

Accounts Payable, Equipment, Cash

Common Stock, Land, Salaries Expense

Cash, Accounts Receivable, Inventory

Revenue, Supplies, Notes Payable

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Verified step by step guidance

Step 1: Understand the definition of assets. Assets are resources owned by a company that have economic value and are expected to provide future benefits. Examples include cash, accounts receivable, inventory, equipment, land, and supplies.

Step 2: Review the provided options and identify which items qualify as assets based on the definition. For example, cash is an asset because it is a resource that provides immediate economic value.

Step 3: Eliminate items that do not qualify as assets. For instance, accounts payable and notes payable are liabilities, not assets, as they represent amounts owed by the company. Similarly, common stock is part of equity, and salaries expense is an expense, not an asset.

Step 4: Focus on the correct answer provided: 'Cash, Accounts Receivable, Inventory.' Verify that each item in this list meets the criteria for assets. Cash is a liquid asset, accounts receivable represents money owed to the company, and inventory consists of goods available for sale, all of which provide future economic benefits.

Step 5: Confirm that the other options include items that are not assets, such as liabilities (accounts payable, notes payable), equity (common stock), and expenses (salaries expense). This ensures the correct answer is 'Cash, Accounts Receivable, Inventory.'