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

In the context of financial accounting, which of the following is generally considered more difficult to obtain due to stricter approval criteria?

A debit card

A credit limit increase on an existing card

A new credit card

A prepaid card

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Verified step by step guidance

Understand the context of the question: The problem is asking about financial products and their relative difficulty to obtain based on approval criteria. This requires knowledge of how financial institutions evaluate applications for these products.

Clarify the characteristics of each option: A debit card is linked to a bank account and does not require credit approval. A prepaid card is preloaded with funds and also does not require credit approval. A credit limit increase on an existing card requires a review of the cardholder's creditworthiness but is generally easier than applying for a new credit card. A new credit card application involves a full credit evaluation and is subject to stricter approval criteria.

Analyze why a new credit card is considered more difficult to obtain: Financial institutions assess factors such as credit score, income, debt-to-income ratio, and credit history when approving new credit card applications. These criteria are stricter compared to other financial products listed.

Compare the approval processes: Debit cards and prepaid cards do not involve credit checks, making them easier to obtain. A credit limit increase on an existing card requires a review but is less stringent than applying for a new credit card. A new credit card application involves comprehensive scrutiny, making it the most difficult to obtain.

Conclude the reasoning: Based on the stricter approval criteria and the comprehensive evaluation process, a new credit card is generally considered the most difficult to obtain among the options provided.