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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Struggling with Financial Accounting?

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Multiple Choice

Nathan is a college student who writes a few checks each month, makes frequent debit card purchases, and wants to avoid monthly fees. Based on these needs, which type of checking account would be best for Nathan?

Account B: Premium Checking Account with high minimum balance requirements and monthly fees

Account A: Student Checking Account with no monthly fees and unlimited debit card transactions

Account C: Interest-Bearing Checking Account with limited free transactions and monthly maintenance fees

Account D: Basic Checking Account with per-check fees and no debit card access

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Verified step by step guidance

Step 1: Identify Nathan's needs. He writes a few checks, makes frequent debit card purchases, and wants to avoid monthly fees. These are the key criteria for selecting the best checking account.

Step 2: Analyze Account B (Premium Checking Account). This account has high minimum balance requirements and monthly fees, which do not align with Nathan's need to avoid monthly fees. Therefore, this account is not suitable.

Step 3: Analyze Account C (Interest-Bearing Checking Account). This account has limited free transactions and monthly maintenance fees, which also do not align with Nathan's needs for frequent debit card purchases and avoiding monthly fees. This account is not suitable.

Step 4: Analyze Account D (Basic Checking Account). This account has per-check fees and no debit card access, which does not meet Nathan's need for frequent debit card purchases. This account is not suitable.

Step 5: Analyze Account A (Student Checking Account). This account has no monthly fees and unlimited debit card transactions, which perfectly aligns with Nathan's needs. Therefore, Account A is the best choice for Nathan.