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

Which of the following types of expenses should you include in a savings plan, according to financial literacy principles such as those taught in EverFi?

Only entertainment expenses

Both expected and unexpected expenses

Only fixed monthly bills

Only variable expenses

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Verified step by step guidance

Understand the concept of a savings plan: A savings plan is a financial strategy designed to set aside money for future needs, including both predictable and unpredictable expenses.

Recognize the importance of expected expenses: Expected expenses include fixed monthly bills (e.g., rent, utilities) and variable expenses (e.g., groceries, transportation). These are predictable and should be accounted for in a savings plan.

Identify the role of unexpected expenses: Unexpected expenses are unforeseen costs, such as medical emergencies or car repairs. Financial literacy principles emphasize the importance of saving for these contingencies to avoid financial strain.

Avoid focusing solely on entertainment expenses: Entertainment expenses are discretionary and should not be the sole focus of a savings plan. While they can be included, they are not as critical as expected and unexpected expenses.

Combine both expected and unexpected expenses: According to financial literacy principles, a comprehensive savings plan should account for both expected and unexpected expenses to ensure financial stability and preparedness.