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

Sanjay wants an account that will earn interest but still allow him to make withdrawals. Which type of account best meets his needs?

Credit account

Savings account

Fixed deposit account

Current account

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Verified step by step guidance

Understand the key features of each type of account mentioned in the problem: Credit account, Savings account, Fixed deposit account, and Current account.

A Credit account is typically used for borrowing money and does not earn interest on deposits. It is not suitable for Sanjay's needs as he wants an account that earns interest and allows withdrawals.

A Fixed deposit account earns interest but restricts withdrawals until the maturity period. This does not meet Sanjay's requirement for flexibility in making withdrawals.

A Current account is designed for frequent transactions and withdrawals but generally does not earn interest. This also does not meet Sanjay's need for earning interest.

A Savings account is designed to earn interest on deposits while allowing limited withdrawals. This type of account best meets Sanjay's needs as it balances earning interest with the ability to make withdrawals.