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 statements is NOT typically a concern when reviewing a credit report?

The types of accounts opened

The presence of late payment history

The total amount of outstanding debt

The method used to calculate inventory turnover

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Verified step by step guidance

Understand the context of the question: A credit report is a document that provides information about an individual's credit history, including their borrowing and repayment behavior. It is typically reviewed by lenders to assess creditworthiness.

Identify the typical concerns when reviewing a credit report: These include the types of accounts opened (e.g., credit cards, loans), the presence of late payment history (indicating reliability in repayment), and the total amount of outstanding debt (showing the individual's current financial obligations).

Recognize that the method used to calculate inventory turnover is unrelated to credit reports: Inventory turnover is a financial accounting metric used to measure how efficiently a company sells and replaces its inventory. It is not relevant to personal creditworthiness or the contents of a credit report.

Clarify why the method used to calculate inventory turnover is not a concern: Credit reports focus on personal financial behavior and credit history, while inventory turnover pertains to business operations and inventory management.

Conclude that the correct answer is the method used to calculate inventory turnover, as it does not pertain to the typical concerns of reviewing a credit report.