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 type of credit is described as one where the lender does not require the borrower to provide a security deposit or collateral?

Installment credit

Unsecured credit

Secured credit

Revolving credit

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Verified step by step guidance

Understand the concept of unsecured credit: Unsecured credit is a type of loan or credit where the lender does not require the borrower to provide collateral or a security deposit. This means the loan is granted based on the borrower's creditworthiness rather than any physical asset.

Compare unsecured credit with secured credit: Secured credit requires the borrower to provide collateral, such as a car or house, which the lender can claim if the borrower fails to repay the loan. Unsecured credit does not involve such collateral.

Analyze installment credit: Installment credit involves borrowing a fixed amount and repaying it in regular installments over a specified period. It can be either secured or unsecured, depending on the agreement.

Examine revolving credit: Revolving credit allows the borrower to access funds up to a certain limit and repay them flexibly, often with the option to borrow again. It can also be secured or unsecured.

Conclude that the correct answer is unsecured credit, as it specifically refers to loans or credit without the requirement of collateral or a security deposit.