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 behaviors can help increase personal savings?

Ignoring regular account statements

Increasing discretionary spending

Creating and following a monthly budget

Making only minimum payments on credit cards

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Verified step by step guidance

Understand the concept of personal savings: Personal savings refer to the portion of income that is not spent on immediate expenses and is set aside for future use. Increasing personal savings involves managing income and expenses effectively.

Evaluate the behaviors listed in the problem: Ignoring regular account statements, increasing discretionary spending, creating and following a monthly budget, and making only minimum payments on credit cards.

Analyze each behavior: Ignoring regular account statements can lead to a lack of awareness about financial status, increasing discretionary spending reduces the amount available for savings, and making only minimum payments on credit cards can result in higher interest costs over time, reducing savings potential.

Focus on the positive behavior: Creating and following a monthly budget is a proactive approach to managing finances. It helps track income and expenses, identify areas to cut costs, and allocate funds for savings effectively.

Conclude that creating and following a monthly budget is the behavior that directly supports increasing personal savings, as it promotes financial discipline and planning.