Table of contents

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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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

If a company has 700,000 pennies, how much is this amount in dollars?

$7,000

$70

$70,000

$700

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Verified step by step guidance

Step 1: Understand the relationship between pennies and dollars. There are 100 pennies in one dollar. This means that to convert pennies to dollars, you divide the total number of pennies by 100.

Step 2: Write the formula for conversion: $ \text{Dollars} = \frac{\text{Total Pennies}}{100} $.

Step 3: Substitute the given value into the formula. Here, the total number of pennies is 700,000, so the formula becomes $ \text{Dollars} = \frac{700,000}{100} $.

Step 4: Perform the division operation to determine the dollar amount. Divide 700,000 by 100 to simplify the calculation.

Step 5: Compare the calculated dollar amount to the provided answer choices ($7,000, $70, $70,000, $700) and select the correct one.