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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which of the following individuals is most likely to purchase life insurance primarily for the death benefit?

A retiree with no outstanding debts or dependents, interested in tax-deferred savings.

A business owner purchasing insurance to fund a buy-sell agreement.

A parent seeking to provide financial security for their dependents in the event of their death.

A young single individual with no dependents, looking for investment opportunities.

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the purpose of life insurance. Life insurance is primarily purchased to provide financial security to beneficiaries in the event of the policyholder's death. The death benefit is the primary feature of life insurance.

Step 2: Analyze the options provided in the question. Each individual has different motivations for purchasing life insurance, and the question asks which individual is most likely to prioritize the death benefit.

Step 3: Evaluate the retiree's situation. A retiree with no outstanding debts or dependents is unlikely to prioritize the death benefit, as they are more interested in tax-deferred savings.

Step 4: Consider the business owner's motivation. A business owner purchasing insurance to fund a buy-sell agreement is using life insurance for business purposes, not primarily for the death benefit.

Step 5: Assess the parent's situation. A parent seeking to provide financial security for their dependents in the event of their death is the most likely individual to prioritize the death benefit, as their primary concern is the well-being of their dependents.