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

What is the main problem with paying only the minimum balance on your credit card each month?

You will receive a higher credit limit immediately.

You will pay more interest over time, increasing your total debt.

Your monthly payment will decrease each month.

Your credit card will be automatically closed by the bank.

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Verified step by step guidance

Understand the concept of credit card payments: When you pay only the minimum balance on your credit card, the remaining balance accrues interest, which increases the total amount you owe over time.

Recognize how interest works: Credit card companies charge interest on the unpaid balance. This interest is compounded, meaning you pay interest on the interest from previous months, leading to a growing debt.

Analyze the impact of paying the minimum balance: Paying only the minimum balance prolongs the repayment period, resulting in higher total interest payments and a larger overall debt.

Consider the financial consequences: While paying the minimum balance keeps your account in good standing, it does not reduce the principal amount significantly, which can lead to long-term financial strain.

Evaluate alternatives: To minimize interest payments and reduce debt faster, aim to pay more than the minimum balance each month or pay off the full balance if possible.