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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Products or raw materials a business keeps on hand to do business are referred to as:

Accounts Receivable

Prepaid Expenses

Inventory

Fixed Assets

Previous problemNext problem

Verified step by step guidance

Understand the concept of 'Inventory': Inventory refers to the goods or raw materials that a business holds for the purpose of resale or production. It is a current asset on the balance sheet and is essential for operations.

Differentiate between the options provided: Accounts Receivable represents money owed to the business by customers, Prepaid Expenses are payments made in advance for future expenses, and Fixed Assets are long-term tangible assets used in operations.

Recognize that Inventory is the correct term for products or raw materials kept on hand to conduct business. It includes items like finished goods, work-in-progress, and raw materials.

Relate Inventory to its role in financial accounting: Inventory is tracked and valued using methods like FIFO (First-In, First-Out), LIFO (Last-In, First-Out), or Weighted Average Cost to ensure accurate financial reporting.

Apply this understanding to similar scenarios: Whenever you encounter questions about assets or operational resources, consider the definitions and classifications of each term to identify the correct answer.