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

Fundamental Accounting Equation

Financial Accounting

1. Introduction to Accounting

Fundamental Accounting Equation

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Multiple Choice

Which of the following groups consists only of asset accounts?

Common Stock, Prepaid Rent, Land

Notes Payable, Cash, Retained Earnings

Accounts Payable, Equipment, Supplies

Cash, Accounts Receivable, Inventory

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Verified step by step guidance

Step 1: Understand the concept of asset accounts. Assets are resources owned by a company that have economic value and are expected to provide future benefits. Examples include cash, accounts receivable, inventory, land, equipment, and supplies.

Step 2: Review the provided options and identify which accounts belong to the asset category. For example, Common Stock and Retained Earnings are equity accounts, Notes Payable and Accounts Payable are liability accounts, and Prepaid Rent, Land, Cash, Accounts Receivable, Inventory, Equipment, and Supplies are asset accounts.

Step 3: Eliminate options that include accounts not classified as assets. For instance, the first option includes Common Stock, which is an equity account, and the second option includes Notes Payable and Retained Earnings, which are liability and equity accounts respectively.

Step 4: Focus on the correct answer provided: Cash, Accounts Receivable, Inventory. Verify that each account in this group is an asset. Cash is a liquid asset, Accounts Receivable represents amounts owed to the company, and Inventory consists of goods available for sale.

Step 5: Confirm that the correct answer consists only of asset accounts and does not include any liability or equity accounts. This ensures the group is accurately classified as assets.