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 type of credit are people most likely to use for small purchases during their lifetime?

Mortgage loans

Credit cards

Auto loans

Home equity lines of credit

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Verified step by step guidance

Understand the types of credit listed in the problem: Mortgage loans, Auto loans, Home equity lines of credit, and Credit cards. Each type serves a specific purpose and is used for different financial needs.

Mortgage loans are typically used for purchasing real estate and are not suitable for small purchases due to their large amounts and long-term nature.

Auto loans are specifically designed for purchasing vehicles and are not applicable for small, everyday purchases.

Home equity lines of credit allow borrowing against the equity in one's home, often for larger expenses or projects, not small purchases.

Credit cards are designed for convenience and flexibility, making them the most likely type of credit people use for small purchases during their lifetime. They allow quick transactions and are widely accepted for everyday expenses.