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

Which of the following is a benefit of obtaining a personal loan?

Access to funds for various personal expenses

No interest charged on the borrowed amount

Guaranteed increase in credit score regardless of repayment

No obligation to repay the borrowed amount

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Verified step by step guidance

Understand the concept of a personal loan: A personal loan is a type of unsecured loan that individuals can use for various personal expenses, such as medical bills, home renovations, or debt consolidation.

Evaluate the benefits of a personal loan: One key benefit is access to funds for various personal expenses, which allows borrowers to meet financial needs without requiring collateral.

Analyze the incorrect options: 'No interest charged on the borrowed amount' is incorrect because personal loans typically come with interest rates. 'Guaranteed increase in credit score regardless of repayment' is incorrect because credit scores depend on timely repayment. 'No obligation to repay the borrowed amount' is incorrect because borrowers are legally obligated to repay the loan.

Compare the options: The correct benefit aligns with the purpose of personal loans, which is providing access to funds for personal expenses.

Conclude the reasoning: Based on the analysis, the correct answer is 'Access to funds for various personal expenses,' as it accurately reflects the primary benefit of obtaining a personal loan.