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

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Multiple Choice

1. Which of the following is a common way to avoid a monthly maintenance fee on a bank account?

Ignore all account notifications from your bank.

Withdraw all funds from your account each month.

Maintain the required minimum balance in your account.

Write more checks than your monthly limit.

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Verified step by step guidance

Understand the concept of a monthly maintenance fee: Banks often charge a monthly maintenance fee for certain types of accounts if specific conditions are not met, such as maintaining a minimum balance.

Identify the common ways to avoid the fee: Banks typically waive the fee if you meet certain criteria, such as maintaining a required minimum balance, setting up direct deposits, or using the account actively within specified limits.

Evaluate the options provided in the problem: Analyze each option to determine whether it aligns with the goal of avoiding the monthly maintenance fee.

Recognize the correct approach: Maintaining the required minimum balance in your account is a common and effective way to avoid the monthly maintenance fee, as it satisfies the bank's conditions for waiving the fee.

Avoid incorrect actions: Ignoring notifications, withdrawing all funds, or exceeding the monthly limit for checks are not effective strategies and may lead to additional fees or account issues.