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

Which of the following is considered to be a long-term financial goal?

Paying this month's utility bill

Purchasing groceries for the week

Making a quarterly tax payment

Saving for retirement in 30 years

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Verified step by step guidance

Understand the concept of long-term financial goals: These are objectives that require planning and saving over an extended period, typically years or decades, such as saving for retirement, buying a house, or funding a child's education.

Differentiate between short-term and long-term financial goals: Short-term goals are immediate or near-term expenses, such as paying utility bills, purchasing groceries, or making quarterly tax payments. Long-term goals involve significant planning and are aimed at achieving financial security or major life milestones.

Analyze the options provided in the problem: Paying this month's utility bill, purchasing groceries for the week, and making a quarterly tax payment are all short-term financial goals because they involve immediate or near-term expenses.

Identify the correct answer: Saving for retirement in 30 years is a long-term financial goal because it requires consistent saving and investment over a prolonged period to ensure financial security in the future.

Conclude the reasoning: The correct answer is saving for retirement in 30 years, as it aligns with the definition and characteristics of a long-term financial goal.