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 best describes a credit report, and which of the following is NOT typically included in a credit report?

A credit report is a record of an individual's credit history; it typically includes personal identification, credit accounts, payment history, public records, and credit inquiries. Employment salary is NOT typically included.

A credit report is a list of all purchases made by an individual; it includes receipts, product warranties, store memberships, purchase locations, and itemized expenses.

A credit report is a government-issued document listing tax payments; it includes tax returns, property taxes, income taxes, tax refunds, and tax audits.

A credit report is a summary of an individual's bank account balances; it includes checking account numbers, savings account balances, investment portfolios, credit card PINs, and loan interest rates.

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Verified step by step guidance

Step 1: Understand the concept of a credit report. A credit report is a record of an individual's credit history, which is used by lenders to assess the creditworthiness of a borrower. It typically includes personal identification information, credit accounts, payment history, public records, and credit inquiries.

Step 2: Identify what is NOT typically included in a credit report. Employment salary is not part of a credit report, as it focuses on credit-related information rather than income details.

Step 3: Analyze the incorrect descriptions provided in the problem. For example, a credit report is not a list of all purchases made by an individual, nor is it a government-issued document listing tax payments or a summary of bank account balances.

Step 4: Compare the correct description of a credit report with the incorrect options. This helps to clarify why the correct answer is accurate and why the other options are not relevant to the concept of a credit report.

Step 5: Conclude that the correct description of a credit report is the one that includes personal identification, credit accounts, payment history, public records, and credit inquiries, while employment salary is NOT typically included.