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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

Why is the statement 'I will save money to buy a used car' not a good example of a SMART goal?

It is unrealistic because used cars cannot be purchased with savings.

It is too detailed and complex for a financial goal.

It is not specific or measurable enough.

It is too time-bound and restrictive.

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Understand the concept of SMART goals: SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. These criteria help ensure that goals are clear and actionable.

Analyze the statement 'I will save money to buy a used car' against the SMART criteria. Specifically, check if the goal is specific and measurable.

Specific: The statement lacks details such as the exact amount of money to be saved or the type of used car to be purchased. Without these specifics, the goal is vague.

Measurable: The statement does not include a quantifiable target, such as how much money needs to be saved or a timeline for achieving the goal. This makes it difficult to track progress.

Conclude that the statement is not a good example of a SMART goal because it fails to meet the 'Specific' and 'Measurable' criteria, which are essential for effective financial planning.