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

According to EverFi, which types of expenses should you include in a savings plan?

Both expected and unexpected expenses

Only large, one-time purchases

Only entertainment expenses

Only fixed monthly bills

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Verified step by step guidance

Understand the concept of a savings plan: A savings plan is a financial strategy designed to set aside money for future needs, including both predictable and unpredictable expenses.

Identify the types of expenses: Savings plans should account for both expected expenses (e.g., fixed monthly bills, planned purchases) and unexpected expenses (e.g., emergencies, unforeseen repairs).

Evaluate the options provided: Analyze each option to determine whether it aligns with the purpose of a savings plan. For example, focusing only on large, one-time purchases or entertainment expenses would not cover all financial needs.

Recognize the importance of balance: A comprehensive savings plan should include a mix of fixed, variable, and emergency expenses to ensure financial stability.

Conclude that the correct approach is to include both expected and unexpected expenses in a savings plan, as this ensures preparedness for a wide range of financial situations.