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 of the following is NOT classified as an expense account in financial accounting?

Accounts Receivable

Salaries Expense

Rent Expense

Utilities Expense

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Understand the definition of an expense account: Expense accounts are used to record costs incurred by a business in its operations, such as salaries, rent, and utilities.

Review the provided options: Accounts Receivable, Salaries Expense, Rent Expense, and Utilities Expense.

Identify the nature of 'Accounts Receivable': Accounts Receivable is an asset account, not an expense account. It represents money owed to the business by customers for goods or services provided on credit.

Compare the other options: Salaries Expense, Rent Expense, and Utilities Expense are all examples of expense accounts because they represent costs incurred by the business.

Conclude that 'Accounts Receivable' is NOT classified as an expense account, as it is an asset account.