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

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

Tim lost his home in a foreclosure and received a deficiency judgment. What is a deficiency judgment?

A legal document transferring ownership of the foreclosed property to the lender.

A notice informing Tim that his credit score has been reduced due to foreclosure.

A court order requiring Tim to pay the remaining balance owed on the mortgage after the foreclosure sale proceeds are applied.

A settlement agreement that forgives all of Tim's outstanding mortgage debt.

Previous problemNext problem

Verified step by step guidance

Understand the concept of a deficiency judgment: A deficiency judgment is a court order that requires a borrower to pay the remaining balance owed on a mortgage after the foreclosure sale proceeds are applied to the debt. This occurs when the sale of the foreclosed property does not cover the full amount of the outstanding loan.

Analyze the options provided in the question to determine which one aligns with the definition of a deficiency judgment.

Option 1: 'A legal document transferring ownership of the foreclosed property to the lender' - This describes a deed in lieu of foreclosure, not a deficiency judgment.

Option 2: 'A notice informing Tim that his credit score has been reduced due to foreclosure' - This is unrelated to a deficiency judgment and pertains to credit reporting.

Option 3: 'A court order requiring Tim to pay the remaining balance owed on the mortgage after the foreclosure sale proceeds are applied' - This matches the definition of a deficiency judgment and is the correct answer.