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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

The price paid for an insurance policy is called an insurance:

Premium

Reserve

Dividend

Deductible

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Understand the concept of insurance premium: In financial accounting, the term 'premium' refers to the amount paid by the policyholder to the insurance company in exchange for coverage under an insurance policy.

Differentiate between the given options: Premium, Reserve, Dividend, and Deductible. Each term has a distinct meaning in financial accounting and insurance.

Explain the term 'Reserve': A reserve is an amount set aside by a company to cover future liabilities or losses. It is not the price paid for an insurance policy.

Explain the term 'Dividend': A dividend is a distribution of a portion of a company's earnings to its shareholders. It is unrelated to insurance policy payments.

Explain the term 'Deductible': A deductible is the amount the policyholder must pay out-of-pocket before the insurance company covers the remaining costs. It is not the price paid for the policy itself.