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

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

Which of the following is typically included in an individual's personal assets as a type of receivable?

Unearned revenue from advance payments

Inventory held for resale

Notes payable to a bank

Accounts receivable from personal loans made to others

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Verified step by step guidance

Understand the concept of personal assets: Personal assets are items of value owned by an individual, such as cash, investments, real estate, or receivables. Receivables represent amounts owed to the individual by others.

Analyze the options provided: Unearned revenue from advance payments is a liability, not an asset. Inventory held for resale is typically a business asset, not a personal asset. Notes payable to a bank represent a liability, not an asset.

Focus on the correct option: Accounts receivable from personal loans made to others represent amounts owed to the individual, which qualifies as a personal asset.

Clarify why accounts receivable are included: Accounts receivable are considered assets because they represent future economic benefits that the individual expects to receive, such as repayment of loans.

Conclude: The correct answer is 'Accounts receivable from personal loans made to others,' as it aligns with the definition of a personal asset and is a type of receivable.