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

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Multiple Choice

Which of the following is an advantage of paying with checks compared to cash or electronic payments?

Checks are always processed instantly, ensuring immediate payment.

Checks do not require any bank account to use.

Checks eliminate the risk of fraud entirely.

Checks provide a written record of the transaction, making it easier to track payments.

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Verified step by step guidance

Understand the context of the question: The problem is asking about the advantages of using checks compared to other payment methods like cash or electronic payments.

Analyze the options provided: Evaluate each statement to determine its accuracy and relevance to the advantages of checks.

Option 1: 'Checks are always processed instantly, ensuring immediate payment.' This is incorrect because checks typically require processing time and are not instant like electronic payments.

Option 2: 'Checks do not require any bank account to use.' This is incorrect because checks are tied to a bank account and cannot be used without one.

Option 4: 'Checks provide a written record of the transaction, making it easier to track payments.' This is correct because checks inherently create a paper trail, which is useful for tracking and reconciling transactions.