Table of contents

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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

The purpose of life insurance is to replace your ___________ when you die.

expenses

liabilities

income

assets

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Verified step by step guidance

Step 1: Understand the purpose of life insurance. Life insurance is designed to provide financial support to beneficiaries after the policyholder's death.

Step 2: Recognize that life insurance primarily aims to replace the income of the deceased, ensuring that dependents or beneficiaries can maintain their standard of living.

Step 3: Differentiate between income, expenses, liabilities, and assets. Income refers to earnings, while expenses are costs incurred, liabilities are debts, and assets are owned resources.

Step 4: Confirm that the correct answer is 'income,' as life insurance replaces the financial earnings lost due to the policyholder's death.

Step 5: Apply this understanding to similar scenarios where financial planning involves protecting dependents from income loss.