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

A stock is ________.

an expense incurred during operations

an equity security representing ownership in a corporation

a liability owed to creditors

a type of long-term debt instrument

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Verified step by step guidance

Understand the concept of 'stock' in financial accounting. A stock represents ownership in a corporation and is classified as an equity security.

Differentiate between the options provided: expenses, liabilities, long-term debt instruments, and equity securities. Stocks fall under equity securities, not the other categories.

Recall that equity securities, such as stocks, give shareholders ownership rights in the corporation, including voting rights and potential dividends.

Eliminate incorrect options: Expenses are costs incurred during operations, liabilities are obligations owed to creditors, and long-term debt instruments are financial tools for borrowing. None of these describe stocks.

Conclude that the correct classification of a stock is 'an equity security representing ownership in a corporation,' as it aligns with the definition and characteristics of stocks.