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

As a young adult, all of the following are good strategies for building credit, except:

Becoming an authorized user on a responsible person's credit card

Applying for multiple credit cards at once to increase available credit

Paying your credit card balance in full each month

Making on-time payments for all bills and loans

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Verified step by step guidance

Understand the concept of building credit: Building credit involves demonstrating responsible financial behavior over time, which is reflected in your credit score. This includes making payments on time, keeping credit utilization low, and avoiding excessive credit inquiries.

Analyze each option provided in the question: Evaluate whether each option aligns with the principles of responsible credit-building. For example, becoming an authorized user on a responsible person's credit card can help build credit if the primary cardholder has good credit habits.

Identify the problematic option: Applying for multiple credit cards at once can negatively impact your credit score due to hard inquiries and the potential for overextending credit. This is not a recommended strategy for building credit.

Compare the other options: Paying your credit card balance in full each month and making on-time payments for all bills and loans are both excellent strategies for building credit, as they demonstrate financial responsibility.

Conclude the correct answer: The option 'Applying for multiple credit cards at once to increase available credit' is the exception, as it does not align with responsible credit-building practices.