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 correct regarding credit life insurance?

Credit life insurance pays off the remaining loan balance if the borrower dies before the loan is repaid.

Credit life insurance is required by law for all personal loans.

Credit life insurance pays regular income to the borrower's family after the borrower's death.

Credit life insurance provides coverage for the borrower's property in case of theft.

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Verified step by step guidance

Understand the concept of credit life insurance: Credit life insurance is a type of insurance policy designed to pay off a borrower's outstanding loan balance if the borrower dies before the loan is fully repaid.

Analyze the options provided in the problem: Carefully read each statement and determine whether it aligns with the definition and purpose of credit life insurance.

Evaluate the first option: 'Credit life insurance pays off the remaining loan balance if the borrower dies before the loan is repaid.' This aligns with the purpose of credit life insurance, as it is designed to cover the loan balance upon the borrower's death.

Evaluate the second option: 'Credit life insurance is required by law for all personal loans.' This is incorrect because credit life insurance is not legally mandated; it is optional and typically offered by lenders as an additional service.

Evaluate the remaining options: 'Credit life insurance pays regular income to the borrower's family after the borrower's death' and 'Credit life insurance provides coverage for the borrower's property in case of theft.' Both are incorrect because credit life insurance does not provide income to the family or cover property theft; its sole purpose is to pay off the loan balance.