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

From the lists of accounts below, which one contains only revenue accounts?

Interest Revenue, Utilities Expense, Unearned Revenue

Service Revenue, Sales Revenue, Interest Revenue

Sales Revenue, Accounts Receivable, Interest Revenue

Service Revenue, Rent Expense, Sales Revenue

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Verified step by step guidance

Step 1: Understand the concept of revenue accounts. Revenue accounts represent income earned by a business from its operations or other activities, such as sales, services, or interest earned. They do not include expenses, liabilities, or asset accounts.

Step 2: Analyze each option provided in the problem. Identify which accounts are revenue accounts and exclude any accounts that are expenses, liabilities, or assets.

Step 3: Option 1: 'Interest Revenue, Utilities Expense, Unearned Revenue' - Interest Revenue is a revenue account, but Utilities Expense is an expense account, and Unearned Revenue is a liability account. This option does not contain only revenue accounts.

Step 4: Option 2: 'Service Revenue, Sales Revenue, Interest Revenue' - Service Revenue, Sales Revenue, and Interest Revenue are all revenue accounts. This option contains only revenue accounts.

Step 5: Option 3: 'Sales Revenue, Accounts Receivable, Interest Revenue' - Sales Revenue and Interest Revenue are revenue accounts, but Accounts Receivable is an asset account. This option does not contain only revenue accounts.