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 a fixed expense?

Insurance premiums

Utility bills based on usage

Monthly rent payment

Annual property taxes

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Verified step by step guidance

Step 1: Understand the concept of fixed expenses. Fixed expenses are costs that remain constant over time, regardless of changes in business activity or usage. Examples include rent, insurance premiums, and property taxes.

Step 2: Analyze each option provided in the problem. Determine whether each expense is fixed or variable based on its nature.

Step 3: Evaluate 'Insurance premiums.' These are typically fixed expenses because they are predetermined and do not vary based on usage or activity.

Step 4: Evaluate 'Utility bills based on usage.' These are variable expenses because they fluctuate depending on the amount of utility consumed, such as electricity or water usage.

Step 5: Evaluate 'Monthly rent payment' and 'Annual property taxes.' Both are fixed expenses because they are consistent and do not change based on usage or activity.