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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

When paying for higher education, scholarships and grants can be considered:

sources of non-taxable income

deferred revenues

long-term liabilities

accounts payable

Previous problemNext problem

Verified step by step guidance

Understand the nature of scholarships and grants: Scholarships and grants are financial aid provided to students to help cover the cost of education. They are typically awarded based on merit, need, or other criteria and do not require repayment.

Analyze the term 'non-taxable income': Non-taxable income refers to money received that is not subject to income tax. Scholarships and grants often fall into this category if they are used for qualified education expenses such as tuition, fees, and required course materials.

Evaluate the other options: Deferred revenues refer to income received in advance for services or goods yet to be provided, which does not apply to scholarships or grants. Long-term liabilities are obligations due over a period longer than one year, and accounts payable are short-term liabilities owed to creditors, neither of which describe scholarships or grants.

Determine the correct classification: Since scholarships and grants are financial aid that does not require repayment and are often non-taxable when used for qualified education expenses, they are best classified as sources of non-taxable income.

Conclude the reasoning: Based on the analysis, scholarships and grants are considered sources of non-taxable income when used appropriately for educational purposes.