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

6. Internal Controls and Reporting Cash

Bank Reconciliation

Financial Accounting

6. Internal Controls and Reporting Cash

Bank Reconciliation

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Multiple Choice

Which of the following is a common way to access money in a checking account?

Applying for a mortgage

Writing a check

Opening a certificate of deposit (CD)

Purchasing stocks

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Verified step by step guidance

Understand the purpose of a checking account: A checking account is designed for everyday transactions and provides easy access to funds.

Review the options provided in the question: Applying for a mortgage, writing a check, opening a certificate of deposit (CD), and purchasing stocks.

Eliminate options that are not directly related to accessing funds in a checking account: Applying for a mortgage involves borrowing money, not accessing funds in your account. Opening a CD involves locking money away for a fixed term, and purchasing stocks is an investment activity.

Focus on the option that directly relates to accessing funds in a checking account: Writing a check is a common method to withdraw or transfer money from a checking account.

Conclude that writing a check is the correct answer because it is a direct way to access money in a checking account for payments or transfers.