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

Checkable deposits are included in which of the following types of accounting classifications?

Financial accounting as part of current assets

Managerial accounting as a fixed asset

Tax accounting as a long-term liability

Cost accounting as inventory

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Verified step by step guidance

Understand the nature of checkable deposits: These are funds held in bank accounts that can be accessed on demand, typically through checks or electronic transfers. They are highly liquid and are considered part of a company's cash resources.

Review the classification of current assets in financial accounting: Current assets are resources expected to be converted into cash, sold, or consumed within one year or the operating cycle. Checkable deposits fall under this category due to their liquidity.

Analyze why checkable deposits do not fit other classifications: Fixed assets in managerial accounting refer to long-term tangible assets like machinery or buildings. Long-term liabilities in tax accounting are obligations due after one year, and inventory in cost accounting refers to goods held for sale or production. Checkable deposits do not align with these definitions.

Confirm the correct classification: In financial accounting, checkable deposits are part of current assets because they are readily available for use in operations or to meet short-term obligations.

Conclude that the correct answer is 'Financial accounting as part of current assets,' based on the liquidity and accessibility of checkable deposits.