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

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Multiple Choice

In the context of accounting history, when did consumers first begin purchasing financial products, such as life insurance, from insurance companies?

During the 18th century

After the Great Depression in the 1930s

Only after World War II

In the early 21st century

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Verified step by step guidance

This question is about accounting history and not a computational problem. To address it, we need to analyze the historical context of financial products and their emergence.

Step 1: Understand the timeline of financial product development. Life insurance and similar financial products began to emerge as industries developed and people sought ways to manage financial risks.

Step 2: Research the historical context of the 18th century, which marks the beginning of organized insurance companies offering life insurance products. This was a period of economic growth and industrialization.

Step 3: Compare this with the other options provided. The Great Depression in the 1930s led to significant financial reforms, but life insurance was already established by then. Similarly, World War II and the early 21st century were periods of expansion and innovation in financial products, not their inception.

Step 4: Conclude that the correct answer is 'During the 18th century,' as this aligns with the historical emergence of life insurance products from insurance companies.