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 is NOT a disadvantage of taking a cash advance on a credit card?

Cash advances typically have higher interest rates than regular purchases.

Additional fees are often charged for each cash advance transaction.

There is usually no grace period for interest on cash advances.

Cash advances can help you build a positive credit history if paid back promptly.

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Verified step by step guidance

Understand the concept of a cash advance on a credit card: A cash advance allows you to withdraw cash using your credit card, but it typically comes with higher costs compared to regular purchases.

Review the disadvantages of cash advances: These include higher interest rates, additional fees for each transaction, and no grace period for interest accrual.

Analyze the provided options: Three of the options describe disadvantages of cash advances, while one option highlights a potential benefit.

Focus on the correct answer: The statement 'Cash advances can help you build a positive credit history if paid back promptly' is not a disadvantage, as it describes a potential benefit of responsible repayment.

Conclude that the correct answer is the option that does not align with the disadvantages of cash advances, emphasizing the importance of understanding both the costs and benefits of financial decisions.