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

All of the following statements are true regarding group insurance except:

Group insurance policies typically cover a group of individuals under a single contract.

Premiums for group insurance are usually lower per individual compared to individual insurance.

Group insurance is only available to individuals who are self-employed.

Employers often offer group insurance as part of employee benefit packages.

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Verified step by step guidance

Step 1: Begin by understanding the concept of group insurance. Group insurance is a type of insurance policy that covers a group of individuals, typically employees of a company, under a single contract. This is often provided as part of employee benefit packages.

Step 2: Analyze the statements provided in the problem. The first statement mentions that group insurance policies cover a group of individuals under a single contract. This is true and aligns with the definition of group insurance.

Step 3: Evaluate the second statement, which states that premiums for group insurance are usually lower per individual compared to individual insurance. This is also true because group insurance spreads the risk across a larger pool of individuals, reducing costs.

Step 4: Examine the third statement, which claims that group insurance is only available to individuals who are self-employed. This is incorrect because group insurance is typically offered to employees through their employers, not exclusively to self-employed individuals.

Step 5: Review the fourth statement, which states that employers often offer group insurance as part of employee benefit packages. This is true and is a common practice to attract and retain employees.