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

Which of the following is NOT true about savings accounts?

Withdrawals from savings accounts may be limited by the financial institution.

Savings accounts are primarily used for daily transactions and frequent payments.

Funds in a savings account are usually insured by government agencies up to a certain limit.

Savings accounts typically offer higher interest rates than checking accounts.

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Verified step by step guidance

Step 1: Understand the purpose of savings accounts. Savings accounts are designed to help individuals save money over time, rather than for daily transactions or frequent payments. This is a key distinction from checking accounts.

Step 2: Review the characteristics of savings accounts. Savings accounts typically offer higher interest rates compared to checking accounts, as they are intended for saving rather than frequent withdrawals.

Step 3: Consider the limitations on withdrawals. Financial institutions may impose restrictions on the number of withdrawals or transfers from savings accounts within a certain period, as part of their policies.

Step 4: Examine the insurance coverage. Funds in savings accounts are usually insured by government agencies, such as the FDIC in the United States, up to a certain limit to protect depositors.

Step 5: Identify the incorrect statement. Based on the characteristics of savings accounts, the statement 'Savings accounts are primarily used for daily transactions and frequent payments' is NOT true, as this describes checking accounts instead.