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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

A savings account that is insured by the FDIC or NCUA means _____.

deposits are protected up to a certain limit if the bank or credit union fails

the account holder is guaranteed to never lose money due to market fluctuations

the account earns a higher interest rate than uninsured accounts

the account is exempt from all federal taxes

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Verified step by step guidance

Understand the role of FDIC (Federal Deposit Insurance Corporation) and NCUA (National Credit Union Administration): These organizations provide insurance to protect deposits in banks and credit unions, respectively, up to a certain limit in case the institution fails.

Clarify the concept of deposit insurance: Deposit insurance ensures that account holders will not lose their insured deposits even if the financial institution becomes insolvent. This protection is limited to a specific amount, typically $250,000 per depositor per institution.

Evaluate the incorrect options: The statement 'the account holder is guaranteed to never lose money due to market fluctuations' is incorrect because FDIC and NCUA insurance does not cover losses due to market risks or investment fluctuations.

Analyze the interest rate claim: The statement 'the account earns a higher interest rate than uninsured accounts' is incorrect because FDIC or NCUA insurance does not influence the interest rate offered by the account.

Review the tax exemption claim: The statement 'the account is exempt from all federal taxes' is incorrect because FDIC or NCUA insurance does not provide any tax benefits or exemptions for the account holder.