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

In financial accounting, brands are considered intangible assets. Which of the following entities can legally own brands?

Only government agencies

Only individuals

Corporations

Non-profit organizations cannot own brands

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Verified step by step guidance

Understand the concept of intangible assets: Intangible assets are non-physical assets that have value, such as patents, trademarks, copyrights, and brands. Brands are considered intangible assets because they represent the reputation and identity of a business.

Recognize the legal ownership of brands: Brands can be owned by various entities, including corporations, individuals, government agencies, and non-profit organizations, as long as they have the legal rights to the brand.

Clarify the role of corporations: Corporations are legal entities that can own brands. They often register trademarks and invest in building brand value to enhance their business operations.

Address the misconception about non-profit organizations: Non-profit organizations can legally own brands. For example, charities and educational institutions often develop and protect their brands to promote their missions and activities.

Conclude the correct answer: The statement 'Non-profit organizations cannot own brands' is incorrect. Brands can be owned by corporations, individuals, government agencies, and non-profit organizations, provided they meet legal requirements for ownership.