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

Amy invested \$223 in the bank and a year later has \$280.98. By what percent has the amount changed?

20%

26.0%

26.1%

26%

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Verified step by step guidance

Step 1: Understand the problem. Amy invested $223 in the bank, and after a year, the amount grew to $280.98. The task is to calculate the percentage change in the amount.

Step 2: Use the formula for percentage change: $ \text{Percentage Change} = \frac{\text{Final Amount} - \text{Initial Amount}}{\text{Initial Amount}} \times 100 $.

Step 3: Substitute the given values into the formula. The initial amount is $223, and the final amount is $280.98. The formula becomes $ \text{Percentage Change} = \frac{280.98 - 223}{223} \times 100 $.

Step 4: Simplify the numerator by subtracting the initial amount from the final amount: $ 280.98 - 223 $. Then divide the result by the initial amount $ 223 $.

Step 5: Multiply the result from Step 4 by 100 to express the change as a percentage.