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

Why is it sometimes easier to open an account with a bank rather than with a credit union?

Banks typically have fewer membership restrictions compared to credit unions.

Credit unions are always open 24/7, making account opening more convenient.

Credit unions usually have more branches and ATMs than banks.

Banks require you to be part of a specific community or organization to open an account.

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Verified step by step guidance

Step 1: Understand the difference between banks and credit unions. Banks are for-profit institutions that serve the general public, while credit unions are non-profit organizations that typically serve specific groups or communities.

Step 2: Analyze the membership requirements. Banks generally have fewer restrictions for opening accounts, whereas credit unions often require membership based on specific criteria, such as being part of a community, organization, or workplace.

Step 3: Consider accessibility. Banks often have more branches and ATMs available, making them more convenient for general use compared to credit unions, which may have fewer physical locations.

Step 4: Evaluate operating hours. Banks and credit unions may differ in their hours of operation, but the statement that credit unions are always open 24/7 is incorrect. Both institutions typically have similar operating hours, with online banking available 24/7.

Step 5: Review the correct answer. The correct answer is that banks typically have fewer membership restrictions compared to credit unions, making it easier to open an account with a bank.