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

The Financial Statements

Financial Accounting

1. Introduction to Accounting

The Financial Statements

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Multiple Choice

All the property you own is called a list of:

Liabilities

Expenses

Revenues

Assets

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Verified step by step guidance

Understand the concept of 'Assets': Assets are resources owned by a business or individual that have economic value and are expected to provide future benefits. Examples include cash, inventory, property, and equipment.

Differentiate between the given options: Liabilities represent obligations or debts owed to others, Expenses are costs incurred during operations, and Revenues are earnings from business activities. None of these represent ownership of property.

Recognize that the term 'Assets' specifically refers to all the property owned by an entity, as it encompasses items of value that can be used to generate future economic benefits.

Review the definition of each term to ensure clarity: Assets = owned resources, Liabilities = debts, Expenses = costs, Revenues = earnings.

Conclude that the correct answer is 'Assets' because it directly aligns with the description of all the property owned by an entity.