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

A debit card, ATM access, payroll direct deposit, and checks are basic features of ___________.

a checking account

a certificate of deposit

a money market fund

a savings account

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Verified step by step guidance

Understand the features mentioned in the problem: debit card, ATM access, payroll direct deposit, and checks. These are common features associated with a specific type of financial account.

Review the definitions of the options provided: a checking account, a certificate of deposit, a money market fund, and a savings account.

Analyze the purpose of each account type: Checking accounts are designed for frequent transactions and typically include features like debit cards and checks. Savings accounts are primarily for saving money and may not offer checks. Certificates of deposit are time-bound investments and do not provide transactional features. Money market funds are investment accounts and may have limited transactional capabilities.

Match the features listed in the problem to the account type that best aligns with them. Debit cards, ATM access, payroll direct deposit, and checks are transactional features, which are most commonly associated with checking accounts.

Conclude that the correct answer is 'a checking account' based on the alignment of features and account purpose.