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 type of savings account will earn you the most money over time, assuming all other factors are equal?

An account with a high interest rate and frequent compounding

An account with a low interest rate and annual compounding

An account with no interest rate but no fees

An account with a high minimum balance requirement but a low interest rate

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Verified step by step guidance

Understand the concept of interest rate: The interest rate determines how much money your savings will earn over time. A higher interest rate means more earnings.

Learn about compounding frequency: Compounding refers to the process of earning interest on both the principal amount and previously earned interest. Frequent compounding (e.g., daily or monthly) results in higher earnings compared to annual compounding.

Evaluate the impact of fees: Accounts with no interest rate but no fees may not grow your savings over time, as there is no earning potential. Fees can also reduce your savings balance.

Consider the minimum balance requirement: Accounts with high minimum balance requirements may limit accessibility to your funds, and if paired with a low interest rate, they may not be the most beneficial option.

Combine factors: The account that earns the most money over time will have a high interest rate and frequent compounding, as these factors maximize the growth of your savings.