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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

What is a quick way to determine which savings account will pay the most interest?

Compare the annual percentage yield (APY) of each account.

Select the account with the most convenient branch location.

Choose the account with the lowest minimum balance requirement.

Pick the account that offers the most promotional gifts.

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Verified step by step guidance

Understand the concept of Annual Percentage Yield (APY): APY represents the real rate of return earned on a savings account, taking into account the effect of compounding interest over a year. It is a standardized measure to compare the interest earnings across different accounts.

Identify the APY for each savings account: Review the account details provided by the financial institutions to find the APY for each account. This information is typically disclosed in the account terms or promotional materials.

Compare the APY values: Arrange the accounts in order of their APY values, from highest to lowest. The account with the highest APY will yield the most interest over time.

Ignore non-interest-related factors: While branch location, minimum balance requirements, and promotional gifts may be important for convenience or other preferences, they do not directly impact the amount of interest earned. Focus solely on the APY for this comparison.

Select the account with the highest APY: Based on the comparison, choose the savings account with the highest APY as it will pay the most interest over time.