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

A positive or negative outcome of a decision or action can be called a _____.

asset

transaction

liability

consequence

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Verified step by step guidance

Step 1: Begin by understanding the context of the question. The term 'consequence' refers to the result or outcome of a decision or action, which can be either positive or negative.

Step 2: Review the definitions of the other options provided: 'asset,' 'transaction,' and 'liability.' These are specific financial accounting terms that do not align with the general concept of a consequence.

Step 3: Define 'asset' as a resource owned by a company that provides future economic benefits, 'transaction' as an event involving the exchange of goods, services, or money, and 'liability' as an obligation or debt owed by a company.

Step 4: Compare these definitions to the concept of a 'consequence,' which is broader and not specific to financial accounting. It is the result of an action or decision, not a financial term.

Step 5: Conclude that the correct answer is 'consequence,' as it best fits the description of a positive or negative outcome of a decision or action.