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 considered useful information when applying for credit?

The number of social media followers you have

Your current income and employment status

Your preferred vacation destinations

Your favorite hobbies

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Verified step by step guidance

Understand the context of the question: The problem is asking about useful information when applying for credit. Credit applications typically require financial and employment-related details to assess the applicant's ability to repay the borrowed amount.

Step 1: Identify the purpose of the credit application. Lenders need to evaluate the applicant's financial stability and reliability. This involves analyzing income, employment status, and other financial indicators.

Step 2: Eliminate irrelevant options. Social media followers, vacation destinations, and hobbies are not directly related to financial stability or repayment ability, so they are not considered useful information for credit applications.

Step 3: Focus on relevant information. Current income and employment status are critical factors because they provide insight into the applicant's ability to generate consistent income and meet repayment obligations.

Step 4: Conclude that the correct answer is 'Your current income and employment status,' as this information is directly relevant to the lender's decision-making process.