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 best describes 'easy-access credit' in the context of accounting and finance?

A government grant given to businesses for research and development purposes.

A long-term loan provided by banks for purchasing fixed assets like property or equipment.

A form of credit that requires extensive collateral and a lengthy approval process.

A type of credit that allows borrowers to obtain funds quickly with minimal requirements, such as credit cards or payday loans.

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Verified step by step guidance

Step 1: Understand the term 'easy-access credit' in the context of accounting and finance. It refers to credit that is readily available to borrowers with minimal requirements and a quick approval process.

Step 2: Analyze the options provided in the question. Each option describes a different type of financial arrangement or credit.

Step 3: Eliminate options that do not align with the definition of 'easy-access credit'. For example, a government grant or a long-term loan requiring extensive collateral does not fit the description.

Step 4: Focus on the option that matches the characteristics of 'easy-access credit', such as credit cards or payday loans, which are known for their quick access and minimal requirements.

Step 5: Confirm that the correct answer is the one describing credit that allows borrowers to obtain funds quickly with minimal requirements, as this aligns with the definition of 'easy-access credit'.