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

Which of the following is NOT covered under the Equipment Breakdown Protection Coverage Form?

Electrical failure of transformers

Mechanical breakdown of production machinery

Explosion of steam boilers

Wear and tear of equipment

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Verified step by step guidance

Understand the context of the Equipment Breakdown Protection Coverage Form, which is designed to cover sudden and accidental breakdowns of equipment, including mechanical and electrical failures.

Review the specific items listed in the problem: electrical failure of transformers, mechanical breakdown of production machinery, explosion of steam boilers, and wear and tear of equipment.

Recognize that wear and tear is a gradual deterioration over time due to normal use, which is typically excluded from coverage under most insurance policies, including the Equipment Breakdown Protection Coverage Form.

Compare wear and tear to the other listed items, which involve sudden and accidental events (e.g., electrical failure, mechanical breakdown, explosion) that are generally covered under this type of insurance.

Conclude that wear and tear of equipment is NOT covered under the Equipment Breakdown Protection Coverage Form because it does not meet the criteria of sudden and accidental damage.