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

What is a reason to pay more than the minimum payment due on your credit statement each month?

To increase the minimum payment required next month

To lower your credit score

To reduce the total interest paid over time

To avoid earning rewards points

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Verified step by step guidance

Understand the concept of credit card payments: When you use a credit card, you are borrowing money from the issuer, and they charge interest on the outstanding balance if you do not pay it off in full each month.

Recognize the impact of paying only the minimum payment: Paying only the minimum amount due means the remaining balance will accrue interest, which increases the total cost of borrowing over time.

Learn why paying more than the minimum is beneficial: By paying more than the minimum, you reduce the principal balance faster, which in turn reduces the amount of interest charged in subsequent months.

Understand the relationship between interest and principal: Interest is calculated based on the remaining principal balance. Lowering the principal reduces the interest charged, saving money over time.

Avoid misconceptions: Paying more than the minimum does not increase the minimum payment required next month, nor does it lower your credit score. Instead, it helps reduce the total interest paid and can positively impact your financial health.