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

Which of the following statements best explains why a debit card linked with your checking account is a good option for regular spending?

It offers higher interest rates on your checking account balance.

It provides unlimited cash-back rewards on all purchases.

It automatically builds your credit score with every purchase.

It allows you to spend only the money you have, helping to avoid debt.

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Verified step by step guidance

Understand the purpose of a debit card: A debit card is linked directly to your checking account, allowing you to spend only the money you have available in your account.

Compare the options provided in the question: Evaluate each statement to determine which aligns with the functionality of a debit card.

Option 1: 'It offers higher interest rates on your checking account balance.' This is incorrect because debit cards do not influence the interest rates on your checking account.

Option 2: 'It provides unlimited cash-back rewards on all purchases.' This is incorrect because debit cards typically do not offer cash-back rewards; such features are more common with credit cards.

Option 3: 'It automatically builds your credit score with every purchase.' This is incorrect because debit card transactions do not impact your credit score. The correct answer is: 'It allows you to spend only the money you have, helping to avoid debt,' which reflects the primary benefit of using a debit card for regular spending.