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 one of the following characteristics most applies to a discount brokerage firm?

Offers comprehensive financial planning and high-touch advisory services

Focuses primarily on tax preparation and consulting

Specializes in auditing and assurance services for corporations

Provides limited investment advice and charges lower commissions

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Verified step by step guidance

Understand the concept of a discount brokerage firm: A discount brokerage firm is a financial institution that allows investors to buy and sell securities at reduced commission rates compared to full-service brokerage firms. They typically provide limited investment advice and do not offer comprehensive financial planning or high-touch advisory services.

Analyze the options provided in the question: Each option describes a different type of financial service. For example, comprehensive financial planning and high-touch advisory services are characteristics of full-service brokerage firms, not discount brokerage firms.

Focus on the correct characteristic: Discount brokerage firms are known for providing limited investment advice and charging lower commissions. This is their defining feature, as they cater to investors who prefer to make their own investment decisions without extensive advisory support.

Eliminate irrelevant options: Tax preparation and consulting are services typically offered by accounting firms, not brokerage firms. Similarly, auditing and assurance services are provided by CPA firms and are unrelated to brokerage activities.

Conclude with the correct answer: The characteristic that most applies to a discount brokerage firm is 'Provides limited investment advice and charges lower commissions,' as this aligns with their primary business model and service offerings.