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 what way is a debit card similar to a check?

Both immediately withdraw funds from the user's bank account to pay for purchases.

Both are forms of credit extended by the bank.

Both require monthly payments with interest.

Both allow the user to borrow money from the bank.

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Verified step by step guidance

Understand the concept of a debit card: A debit card is a payment card that deducts money directly from the user's checking account to pay for purchases.

Understand the concept of a check: A check is a written, dated, and signed instrument that directs a bank to pay a specific amount of money to the bearer or the person named on the check.

Compare the functionality of a debit card and a check: Both debit cards and checks withdraw funds directly from the user's bank account, meaning they are not forms of credit and do not involve borrowing money.

Clarify why the other options are incorrect: Debit cards and checks do not require monthly payments with interest, nor do they allow the user to borrow money from the bank. These features are associated with credit cards, not debit cards or checks.

Conclude the similarity: The correct similarity is that both debit cards and checks immediately withdraw funds from the user's bank account to pay for purchases.