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

Which of the following should you do before you start investing?

Invest all your savings immediately

Rely solely on investment returns for daily expenses

Ignore your current debts

Establish an emergency fund

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Verified step by step guidance

Understand the importance of an emergency fund: Before you start investing, it is crucial to establish an emergency fund. This fund acts as a financial safety net to cover unexpected expenses, such as medical emergencies or job loss, without having to liquidate your investments prematurely.

Determine the size of your emergency fund: Typically, financial experts recommend saving three to six months' worth of living expenses in your emergency fund. Calculate your monthly expenses, including rent, utilities, groceries, and other essentials, to determine the target amount.

Prioritize paying off high-interest debts: Before investing, ensure that you address any high-interest debts, such as credit card balances. Paying off these debts can save you money in the long run and improve your financial stability.

Create a budget to allocate funds: Develop a budget that allows you to consistently save for your emergency fund while managing your current expenses. This will help you build the fund over time without compromising your financial obligations.

Review your financial situation regularly: Once your emergency fund is established, periodically assess your financial situation to ensure it remains adequate for your needs. Adjust the fund size if your expenses or circumstances change.