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

7. Receivables and Investments

Types of Receivables

Financial Accounting

7. Receivables and Investments

Types of Receivables

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Multiple Choice

Which two documents together constitute what is commonly referred to as a mortgage loan?

Bank statement and check

Promissory note and mortgage (or deed of trust)

Credit memo and sales receipt

Invoice and purchase order

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Verified step by step guidance

Understand the concept of a mortgage loan: A mortgage loan is a type of loan used to purchase real estate, where the property itself serves as collateral for the loan.

Identify the two key documents involved in a mortgage loan: The promissory note and the mortgage (or deed of trust).

Explain the promissory note: This is a legal document in which the borrower agrees to repay the loan amount to the lender under specified terms, including interest rate, payment schedule, and loan duration.

Explain the mortgage (or deed of trust): This document secures the loan by placing a lien on the property, giving the lender the right to foreclose on the property if the borrower fails to meet the repayment terms.

Clarify why other options are incorrect: For example, a bank statement and check are unrelated to the legal structure of a mortgage loan, and documents like credit memos, sales receipts, invoices, and purchase orders pertain to other financial transactions, not mortgage loans.