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 is NOT a type of permanent life insurance?

Term life insurance

Universal life insurance

Variable life insurance

Whole life insurance

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Verified step by step guidance

Understand the concept of permanent life insurance: Permanent life insurance provides coverage for the insured's entire lifetime and includes a cash value component that grows over time. Examples include whole life insurance, universal life insurance, and variable life insurance.

Review the characteristics of term life insurance: Term life insurance provides coverage for a specific period (e.g., 10, 20, or 30 years) and does not include a cash value component. It is not considered permanent life insurance because it expires after the term ends.

Compare term life insurance with permanent life insurance: Permanent life insurance policies are designed to last a lifetime and include a savings or investment component, while term life insurance is temporary and purely for coverage during a specified term.

Identify the types of permanent life insurance listed in the options: Universal life insurance, variable life insurance, and whole life insurance are all types of permanent life insurance because they provide lifetime coverage and include a cash value component.

Conclude that term life insurance is NOT a type of permanent life insurance, as it does not meet the criteria of lifetime coverage or a cash value component.