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 considered a long-lived productive asset?

Prepaid Insurance

Inventory

Accounts Receivable

Land

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Verified step by step guidance

Understand the concept of long-lived productive assets: These are assets that a company uses in its operations to generate revenue over a long period, typically more than one year. Examples include buildings, machinery, and land.

Analyze the options provided: Prepaid Insurance, Inventory, and Accounts Receivable are all current assets. Current assets are expected to be used or converted into cash within one year, so they do not qualify as long-lived productive assets.

Focus on Land: Land is a tangible asset that is not consumed or converted into cash within a short period. It is used in operations and has a long useful life, making it a long-lived productive asset.

Differentiate Land from other long-lived assets: Unlike buildings or machinery, land is not subject to depreciation because it does not wear out or become obsolete over time.

Conclude that Land is the correct answer: Based on the definition and characteristics of long-lived productive assets, Land fits the criteria and is the correct choice among the options provided.