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 an example of irregular income?

Monthly salary from employment

Commission received from a one-time sale

Rental income received every month

Interest earned on a fixed deposit

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Understand the concept of irregular income: Irregular income refers to income that is not received on a consistent or predictable basis. It is typically earned from activities or events that occur sporadically or as one-time occurrences.

Analyze the first option: 'Monthly salary from employment' is a regular income because it is received consistently every month as part of an employment agreement.

Analyze the second option: 'Commission received from a one-time sale' is an irregular income because it is earned from a single, non-recurring transaction, making it unpredictable and not consistent.

Analyze the third option: 'Rental income received every month' is a regular income because it is received on a consistent and predictable basis, typically as part of a rental agreement.

Analyze the fourth option: 'Interest earned on a fixed deposit' is also a regular income because it is predictable and earned periodically based on the terms of the fixed deposit agreement.