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 type of contract usually does not mention a purchase price?

Lease contract

Sales contract

Service contract

Installment purchase contract

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Verified step by step guidance

Step 1: Understand the nature of the question. It is asking about contracts and their typical characteristics, specifically which type of contract usually does not mention a purchase price.

Step 2: Review the definitions of the contract types mentioned: Lease contract, Sales contract, Service contract, and Installment purchase contract.

Step 3: Analyze the purpose of each contract type. For example, a lease contract typically involves periodic payments for the use of an asset, a sales contract specifies the purchase price for goods or services, and an installment purchase contract includes a purchase price paid over time.

Step 4: Focus on the service contract. A service contract generally involves the provision of services rather than the sale of goods, and it often does not specify a purchase price because the payment is based on the service provided rather than a tangible asset.

Step 5: Conclude that the service contract is the type of contract that usually does not mention a purchase price, as its focus is on the delivery of services rather than the sale of goods or assets.