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 statements about using a debit card linked to your checking account for regular spending is correct?

True. A debit card is generally a good option for regular spending because it helps manage expenses and avoids debt.

False. Debit cards should never be used for regular spending because they always incur high interest charges.

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Verified step by step guidance

Understand the concept of a debit card: A debit card is linked directly to your checking account and allows you to spend money that you already have in your account, rather than borrowing money like a credit card.

Clarify the difference between debit cards and credit cards: Debit cards do not incur interest charges because you are using your own funds, whereas credit cards may incur interest if the balance is not paid in full by the due date.

Evaluate the statement 'True': A debit card can be a good option for regular spending as it helps manage expenses by limiting spending to the available balance in your checking account, avoiding debt accumulation.

Evaluate the statement 'False': This statement is incorrect because debit cards do not incur high interest charges; they simply withdraw funds directly from your checking account.

Conclude that the correct answer is 'True' based on the explanation that debit cards are a practical tool for regular spending and financial management without incurring debt or interest.