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

Which of the following is true of a payday loan?

It is a type of loan secured by real estate.

It is a long-term loan with low interest rates.

It is a short-term, high-interest loan typically due on the borrower's next payday.

It is a government-subsidized student loan.

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Verified step by step guidance

Understand the concept of a payday loan: A payday loan is a short-term loan designed to provide quick cash to borrowers, typically due on their next payday. It is not secured by real estate, nor is it a long-term loan with low interest rates.

Eliminate incorrect options: Analyze each option provided in the question. For example, a payday loan is not secured by real estate, so that option is incorrect. Similarly, it is not a government-subsidized student loan, so that option is also incorrect.

Focus on the characteristics of payday loans: Payday loans are known for their high interest rates and short repayment periods, which are typically tied to the borrower's next paycheck.

Identify the correct answer: Based on the characteristics of payday loans, the correct answer is the option that states, 'It is a short-term, high-interest loan typically due on the borrower's next payday.'

Review the reasoning: Ensure that the selected answer aligns with the definition and characteristics of payday loans, and confirm that all other options are inconsistent with the nature of payday loans.