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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following is a primary disadvantage of not keeping your money in a bank?

You will automatically earn higher interest on your cash.

You are required to pay more taxes on your savings.

Banks will charge you a fee for not depositing your money.

Your money is not protected against theft or loss.

Previous problemNext problem

Verified step by step guidance

Understand the context of the question: The problem is asking about the disadvantages of not keeping your money in a bank. This involves understanding the role of banks in safeguarding money and providing financial services.

Review the options provided: Analyze each option to determine its validity. For example, earning higher interest on cash is not automatic when money is kept outside a bank, and banks do not charge fees for not depositing money.

Focus on the correct answer: The key disadvantage of not keeping money in a bank is that it is not protected against theft or loss. Banks provide security measures such as insurance (e.g., FDIC in the U.S.) to protect deposits.

Consider the implications: Without the protection offered by banks, individuals face risks such as physical theft, misplacement, or loss due to unforeseen circumstances.

Conclude the reasoning: The correct answer highlights the importance of banks in safeguarding money, which is a fundamental concept in financial accounting and personal finance.