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 NOT an element of installment credit?

A single lump-sum payment at the end of the term

Regular periodic payments

A fixed repayment schedule

Interest charged on outstanding balance

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Verified step by step guidance

Understand the concept of installment credit: Installment credit is a type of loan where the borrower agrees to repay the loan in regular periodic payments over a fixed term, including interest on the outstanding balance.

Analyze the options provided: Each option represents a characteristic of installment credit. You need to identify which one does NOT align with the definition of installment credit.

Option 1: 'A single lump-sum payment at the end of the term' - This does not align with installment credit because installment credit involves regular periodic payments, not a single lump-sum payment.

Option 2: 'Regular periodic payments' - This is a key feature of installment credit, where payments are made at regular intervals.

Option 3: 'A fixed repayment schedule' and Option 4: 'Interest charged on outstanding balance' - Both are characteristics of installment credit, as the repayment schedule is fixed and interest is charged on the remaining balance.