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 types of accounts allows you to write checks from the account?

Money market mutual fund

Checking account

Certificate of deposit (CD)

Savings account

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Verified step by step guidance

Understand the characteristics of each type of account listed in the problem. A checking account is specifically designed to allow you to write checks and make frequent transactions, while other accounts may have restrictions or different purposes.

Review the purpose of a money market mutual fund. These accounts typically invest in short-term securities and may offer limited check-writing privileges, but they are not primarily designed for frequent transactions like a checking account.

Examine the features of a certificate of deposit (CD). CDs are time deposits that lock in your money for a fixed period in exchange for interest. They do not allow check-writing or frequent withdrawals.

Analyze the functionality of a savings account. Savings accounts are designed for storing money and earning interest, but they generally do not allow check-writing privileges.

Conclude that the checking account is the correct answer because it is specifically designed to allow you to write checks and perform frequent transactions, unlike the other types of accounts listed.