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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

The use of a debit card is most similar to which of the following accounting transactions?

Receiving a loan from a bank

Writing a check for a future payment

Making a credit purchase

Paying cash for a purchase

Previous problemNext problem

Verified step by step guidance

Understand the nature of a debit card transaction: A debit card directly withdraws funds from the user's bank account at the time of purchase, meaning the payment is immediate and uses cash available in the account.

Compare the options provided: Analyze each option to determine which one aligns with the characteristics of a debit card transaction.

Option 1: Receiving a loan from a bank - This involves borrowing money, which is not similar to a debit card transaction as no borrowing occurs when using a debit card.

Option 2: Writing a check for a future payment - A check represents a promise to pay in the future, which differs from a debit card transaction where payment is immediate.

Option 3: Making a credit purchase - A credit purchase involves deferring payment to a later date, unlike a debit card transaction. Therefore, the correct answer is 'Paying cash for a purchase,' as it reflects the immediate nature of a debit card transaction.