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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

A company must have a ____ account before it can create ads on Snapchat.

personal

joint

savings

business

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Verified step by step guidance

Understand the context of the question: The problem is asking about the type of account a company needs to create ads on Snapchat. This relates to the classification of accounts in business operations.

Recognize that companies typically use business accounts for professional activities, including advertising, as these accounts are designed to handle transactions and activities related to the company's operations.

Differentiate between the account types provided: Personal accounts are for individual use, joint accounts are shared between two or more individuals, and savings accounts are primarily for storing funds and earning interest. None of these are suitable for business advertising purposes.

Conclude that a business account is the appropriate choice because it aligns with the company's need to manage advertising expenses and other professional transactions.

Apply this understanding to similar scenarios: Whenever a company engages in professional activities like advertising, partnerships, or vendor payments, a business account is typically required to ensure proper financial management and compliance.