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 an example of an asset?

Accounts Payable

Owner's Capital

Accounts Receivable

Service Revenue

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Understand the definition of an asset: An asset is a resource owned by a business that is expected to provide future economic benefits. Examples include cash, accounts receivable, inventory, and equipment.

Analyze each option provided in the problem: Accounts Payable, Owner's Capital, Accounts Receivable, and Service Revenue.

Evaluate 'Accounts Payable': This represents a liability, not an asset, as it is an obligation to pay creditors.

Evaluate 'Owner's Capital': This represents equity, not an asset, as it reflects the owner's investment in the business.

Evaluate 'Accounts Receivable': This is an asset because it represents money owed to the business by customers for goods or services provided, which will provide future economic benefits.