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 details is most likely to apply to a financing contract in accounting?

The calculation of depreciation expense for fixed assets

The allocation of production costs to inventory accounts

The obligation to repay borrowed funds with interest over a specified period

The recognition of revenue when goods are delivered to customers

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Verified step by step guidance

Understand the concept of a financing contract in accounting. A financing contract typically involves an agreement where one party borrows funds from another and agrees to repay the borrowed amount along with interest over a specified period.

Review the options provided in the problem. Each option represents a different accounting concept or principle.

Option 1: 'The calculation of depreciation expense for fixed assets' relates to the allocation of the cost of tangible assets over their useful life, which is part of asset management, not financing contracts.

Option 2: 'The allocation of production costs to inventory accounts' pertains to cost accounting and inventory valuation, which is unrelated to financing contracts.

Option 3: 'The obligation to repay borrowed funds with interest over a specified period' directly aligns with the definition of a financing contract, as it involves borrowing and repayment terms. Option 4: 'The recognition of revenue when goods are delivered to customers' relates to revenue recognition principles, not financing contracts.