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 NOT an equity account?

Accounts Payable

Retained Earnings

Common Stock

Additional Paid-In Capital

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Verified step by step guidance

Step 1: Understand the concept of equity accounts. Equity accounts represent the ownership interest of shareholders in a company. Common examples include Retained Earnings, Common Stock, and Additional Paid-In Capital.

Step 2: Review the provided options. The options are Accounts Payable, Retained Earnings, Common Stock, and Additional Paid-In Capital.

Step 3: Identify the nature of Accounts Payable. Accounts Payable is a liability account, representing amounts owed by the company to creditors for goods or services received.

Step 4: Compare Accounts Payable with the other options. Retained Earnings, Common Stock, and Additional Paid-In Capital are all equity accounts, while Accounts Payable is not.

Step 5: Conclude that Accounts Payable is the correct answer because it is a liability account and does not belong to the equity section of the balance sheet.