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 is a benefit of having a good credit score?

Lower interest rates on loans and credit cards

Higher monthly loan payments

Increased likelihood of loan denial

Limited access to financial products

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Verified step by step guidance

Understand the concept of a credit score: A credit score is a numerical representation of an individual's creditworthiness, based on their credit history. It helps lenders assess the risk of lending money to a borrower.

Recognize the benefits of a good credit score: A good credit score indicates that a borrower is reliable in repaying debts, which can lead to favorable financial opportunities.

Analyze the options provided: Lower interest rates on loans and credit cards, higher monthly loan payments, increased likelihood of loan denial, and limited access to financial products.

Evaluate each option: A good credit score typically results in lower interest rates on loans and credit cards because lenders view the borrower as less risky. Conversely, higher monthly loan payments, increased likelihood of loan denial, and limited access to financial products are associated with poor credit scores.

Conclude that the correct benefit of having a good credit score is 'Lower interest rates on loans and credit cards,' as it directly reflects the advantages of being seen as a trustworthy borrower.