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

Cash advance fees, late payment fees, and balance transfer fees are considered ____________ fees.

penalty fees

finance charges

interest fees

service fees

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Verified step by step guidance

Understand the context of the question: The problem is asking about the classification of specific types of fees (cash advance fees, late payment fees, and balance transfer fees) in financial accounting.

Review the definitions of the options provided: Penalty fees, finance charges, interest fees, and service fees. Each term has a distinct meaning in financial accounting.

Penalty fees: These are charges imposed for violations of terms, such as late payments or exceeding credit limits. They are often associated with non-compliance.

Finance charges: These are costs incurred for borrowing money, including interest and other fees related to the credit account. They are typically tied to the cost of credit usage.

Match the fees described in the problem (cash advance fees, late payment fees, and balance transfer fees) to the correct category based on their nature. For example, late payment fees are penalties for non-compliance, while cash advance fees and balance transfer fees may fall under service fees or finance charges depending on their purpose.