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

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Why are payday loans often difficult for consumers to pay back?

They typically have very high interest rates and short repayment periods, leading to a cycle of debt.

They require extensive credit checks, making them inaccessible to most consumers.

They are only available to consumers with high incomes, limiting their use.

They are backed by government subsidies, reducing the need for repayment.

Previous problemNext problem

Verified step by step guidance

Step 1: Understand the concept of payday loans. Payday loans are short-term, high-interest loans typically designed to provide quick cash to borrowers who need money before their next paycheck.

Step 2: Analyze the repayment structure of payday loans. These loans often have very high interest rates and short repayment periods, which can make it challenging for borrowers to repay the full amount on time.

Step 3: Consider the financial impact on consumers. If borrowers are unable to repay the loan on time, they may need to take out additional loans to cover the repayment, leading to a cycle of debt.

Step 4: Evaluate the accessibility of payday loans. Unlike traditional loans, payday loans usually do not require extensive credit checks, making them accessible to consumers with lower credit scores but also increasing the risk of financial strain.

Step 5: Reflect on the misconceptions about payday loans. They are not backed by government subsidies, nor are they limited to high-income consumers. Instead, their high costs and short terms are the primary reasons they are difficult for consumers to pay back.