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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

A plant asset can be defined by which of the following statements?

A long-term tangible asset used in the operations of a business and not intended for resale.

A short-term investment held for trading purposes.

A liability arising from the purchase of inventory on credit.

An intangible asset such as a patent or trademark.

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Verified step by step guidance

Step 1: Understand the definition of a plant asset. A plant asset is a long-term tangible asset used in the operations of a business and is not intended for resale. Examples include machinery, buildings, and equipment.

Step 2: Eliminate options that do not match the definition. For example, 'A short-term investment held for trading purposes' does not fit because it is not a tangible asset used in operations.

Step 3: Consider the option 'A liability arising from the purchase of inventory on credit.' This is incorrect because liabilities are obligations, not tangible assets.

Step 4: Evaluate the option 'An intangible asset such as a patent or trademark.' Intangible assets are not physical and therefore do not qualify as plant assets.

Step 5: Confirm that the correct answer is 'A long-term tangible asset used in the operations of a business and not intended for resale,' as it aligns with the definition of a plant asset.