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 one of the four key questions you should ask yourself before using credit to make a purchase?

Is this purchase necessary right now?

Will using credit improve my credit score immediately?

Can I afford to make the payments?

What are the total costs, including interest, of using credit for this purchase?

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Verified step by step guidance

Step 1: Understand the context of the question. It is asking about the key considerations before using credit to make a purchase. This involves evaluating financial responsibility and the implications of using credit.

Step 2: Review the four options provided in the question. Three of them are practical and responsible questions to ask before using credit, while one is not relevant to the decision-making process.

Step 3: Analyze each option: 'Is this purchase necessary right now?' is a valid question because it helps determine the urgency and importance of the purchase.

Step 4: Evaluate the option 'Can I afford to make the payments?' This is also a valid question as it ensures you can manage the financial commitment of using credit.

Step 5: Consider the option 'Will using credit improve my credit score immediately?' This is not a key question to ask before using credit, as improving your credit score is a long-term process and should not be the primary reason for using credit.