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

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

Which of the following is a primary benefit of writing and following a zero-based budget?

It helps you avoid overspending and impulse purchases.

It guarantees an increase in your monthly income.

It allows you to spend without any restrictions.

It eliminates the need to track your expenses.

Previous problemNext problem

Verified step by step guidance

Understand the concept of a zero-based budget: A zero-based budget is a budgeting method where every dollar of income is allocated to a specific expense, savings, or investment category, ensuring that the total income minus total expenses equals zero.

Identify the primary benefit of a zero-based budget: The main advantage is that it helps individuals control their spending by assigning every dollar a purpose, reducing the likelihood of overspending or making impulse purchases.

Evaluate the incorrect options: Analyze why the other choices are not correct. For example, a zero-based budget does not guarantee an increase in income, nor does it allow unrestricted spending. It also requires tracking expenses to ensure the budget is followed, so it does not eliminate the need for expense tracking.

Relate the correct answer to financial discipline: Emphasize how a zero-based budget promotes financial discipline by encouraging thoughtful spending and prioritization of financial goals.

Conclude with the importance of budgeting: Highlight that following a zero-based budget is a proactive approach to managing finances effectively, helping individuals achieve financial stability and avoid unnecessary debt.