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

How long do most negative financial records, such as late payments or defaults, typically remain on your credit report?

1 year

7 years

10 years

3 years

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Understand the concept of credit reports: Credit reports are detailed records of an individual's credit history, including positive and negative financial activities such as late payments, defaults, and bankruptcies.

Learn about the impact of negative financial records: Negative financial records can affect your credit score and remain on your credit report for a specific duration, depending on the type of record.

Focus on the typical duration for late payments or defaults: In the United States, most negative financial records, such as late payments or defaults, typically remain on your credit report for 7 years.

Compare durations for other types of records: For example, bankruptcies can remain on your credit report for up to 10 years, while inquiries may stay for 1-2 years.

Use this knowledge to answer the question: Based on the standard duration for late payments or defaults, the correct answer is 7 years.