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 statements about credit card convenience checks is true?

They often have higher interest rates than regular credit card purchases.

They always offer a grace period before interest is charged.

They are not subject to any fees or charges.

They do not affect your available credit limit.

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Verified step by step guidance

Understand the concept of credit card convenience checks: These are checks provided by credit card companies that allow cardholders to access their credit line in the form of a check. They are often used for payments where credit cards are not accepted.

Analyze the interest rate aspect: Credit card convenience checks typically have higher interest rates compared to regular credit card purchases. This is an important feature to consider when evaluating their cost.

Evaluate the grace period: Unlike regular credit card purchases, convenience checks often do not offer a grace period before interest is charged. Interest may start accruing immediately upon use.

Consider fees and charges: Convenience checks are usually subject to additional fees, such as transaction fees or cash advance fees, which can increase the overall cost of using them.

Assess the impact on credit limit: Using a convenience check affects your available credit limit, as the amount used is deducted from your total credit line, similar to a regular credit card transaction.