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

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

Which of the following would qualify as a competent party in an insurance contract?

An individual signing under duress or coercion

A person declared legally insane by a court

A 30-year-old individual of sound mind entering into the contract voluntarily

A minor under the age of 18 signing the contract

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Verified step by step guidance

Understand the concept of a competent party in an insurance contract. A competent party is someone who has the legal capacity to enter into a contract, meaning they are of legal age, of sound mind, and not under duress or coercion.

Review the options provided in the problem. Evaluate each scenario to determine if the individual meets the criteria for being a competent party.

Option 1: An individual signing under duress or coercion does not qualify as a competent party because they are not entering into the contract voluntarily.

Option 2: A person declared legally insane by a court does not qualify as a competent party because they lack the mental capacity to understand the terms of the contract.

Option 3: A 30-year-old individual of sound mind entering into the contract voluntarily qualifies as a competent party because they meet all the legal requirements. Option 4: A minor under the age of 18 does not qualify as a competent party because they are not of legal age to enter into a contract.