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 the best way to prepare for unexpected expenses, as recommended by EverFi's financial literacy modules?

Create and regularly contribute to an emergency savings fund

Borrow money from friends or family whenever an emergency arises

Ignore unexpected expenses and focus only on planned spending

Rely on credit cards to cover any surprise costs

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Verified step by step guidance

Understand the concept of emergency savings fund: An emergency savings fund is a financial safety net designed to cover unexpected expenses, such as medical bills, car repairs, or job loss. It helps avoid reliance on debt or credit cards during emergencies.

Evaluate the options provided: Analyze each option to determine its effectiveness in managing unexpected expenses. Consider the long-term financial impact and practicality of each choice.

Option 1: 'Create and regularly contribute to an emergency savings fund' - This is a proactive approach that ensures funds are available when needed, reducing financial stress and reliance on borrowing.

Option 2: 'Borrow money from friends or family whenever an emergency arises' - While this may work occasionally, it is not a sustainable or reliable solution for managing unexpected expenses.

Option 3: 'Ignore unexpected expenses and focus only on planned spending' and Option 4: 'Rely on credit cards to cover any surprise costs' - Both of these options can lead to financial instability or increased debt. They are not recommended strategies for handling emergencies.