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 term refers to resources of value that a company or individual owns?

Revenue

Assets

Equity

Liabilities

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Verified step by step guidance

Step 1: Begin by understanding the key terms provided in the question: Revenue, Assets, Equity, and Liabilities. Each term has a specific meaning in Financial Accounting.

Step 2: Define 'Assets': Assets are resources of value that a company or individual owns, which are expected to provide future economic benefits. Examples include cash, inventory, property, and equipment.

Step 3: Define 'Revenue': Revenue refers to the income generated from normal business operations, such as sales of goods or services. It is not a resource owned but rather an inflow of economic benefits.

Step 4: Define 'Equity': Equity represents the owner's claim on the assets of the business after deducting liabilities. It is not a resource owned but rather a residual interest.

Step 5: Define 'Liabilities': Liabilities are obligations or debts that a company owes to external parties, such as loans or accounts payable. They are not owned resources but rather amounts owed.