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

An absolute assignment is a:

Temporary delegation of asset management to another party.

Assignment of an asset that automatically reverts to the original owner after a set period.

Transfer of all rights and ownership of an asset from one party to another without any conditions.

Partial transfer of asset rights with certain restrictions.

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Verified step by step guidance

Understand the concept of an absolute assignment: It refers to the complete transfer of ownership and rights of an asset from one party to another without any conditions or restrictions.

Eliminate incorrect options by analyzing their definitions: For example, a 'temporary delegation of asset management' does not involve a full transfer of ownership, so it is not an absolute assignment.

Consider the option 'assignment of an asset that automatically reverts to the original owner after a set period': This describes a conditional or temporary arrangement, which is not absolute.

Evaluate the option 'partial transfer of asset rights with certain restrictions': This involves limitations and is not a complete transfer, so it does not qualify as an absolute assignment.

Conclude that the correct answer is 'transfer of all rights and ownership of an asset from one party to another without any conditions,' as it aligns with the definition of an absolute assignment.