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

Which of the following is NOT a temporary account?

Expense

Owner's Capital

Revenue

Dividends

Previous problemNext problem

Verified step by step guidance

Understand the concept of temporary accounts: Temporary accounts are used to record transactions for a specific accounting period and are closed at the end of the period. Examples include Revenue, Expense, and Dividends accounts.

Recognize the concept of permanent accounts: Permanent accounts are not closed at the end of the accounting period and their balances are carried forward to the next period. Examples include Owner's Capital, Assets, and Liabilities.

Analyze the options provided: Expense, Revenue, and Dividends are temporary accounts because they are closed to the Owner's Capital account at the end of the accounting period.

Identify Owner's Capital as a permanent account: Owner's Capital is part of the equity section of the balance sheet and its balance is carried forward to the next accounting period, making it a permanent account.

Conclude that the correct answer is Owner's Capital, as it is NOT a temporary account.