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

Once you have a $500 emergency fund, you should:

Use the $500 to make a large discretionary purchase.

Increase your emergency fund to $10,000 before addressing any debts.

Begin paying off any outstanding debt using the debt snowball method.

Invest the entire $500 in the stock market.

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Verified step by step guidance

Understand the concept of an emergency fund: An emergency fund is a financial safety net designed to cover unexpected expenses, such as medical bills or urgent repairs, without resorting to debt.

Learn about the debt snowball method: This method involves listing all debts from smallest to largest balance, making minimum payments on all debts except the smallest, and using any extra funds to pay off the smallest debt first. Once the smallest debt is paid off, move to the next smallest debt.

Evaluate the $500 emergency fund: If you already have a $500 emergency fund, it serves as a basic safety net. The next step is to focus on reducing outstanding debts to improve financial stability.

Prioritize debt repayment: Begin paying off debts using the debt snowball method. This approach helps build momentum and motivation as smaller debts are eliminated quickly.

Avoid risky financial decisions: Do not use the $500 for discretionary purchases or invest it in the stock market without addressing debts first, as these actions could jeopardize financial security.