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

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

Financial Accounting

6. Internal Controls and Reporting Cash

Fraud and the Fraud Triangle

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Multiple Choice

Which of the following laws prohibits unfair and abusive credit practices and ensures that credit fees are transparent to consumers?

Foreign Corrupt Practices Act (FCPA)

Truth in Lending Act (TILA)

Dodd-Frank Wall Street Reform and Consumer Protection Act

Sarbanes-Oxley Act (SOX)

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Verified step by step guidance

Understand the context of the question: It is asking about a law that prohibits unfair and abusive credit practices and ensures transparency in credit fees for consumers. This relates to consumer protection in financial transactions.

Review the provided options: Foreign Corrupt Practices Act (FCPA), Truth in Lending Act (TILA), Dodd-Frank Wall Street Reform and Consumer Protection Act, and Sarbanes-Oxley Act (SOX). Each of these laws has a specific purpose, so identifying the correct one requires understanding their scope.

Analyze the Truth in Lending Act (TILA): This law is specifically designed to ensure that consumers are informed about the terms and costs of credit. It mandates clear disclosure of credit fees and prohibits abusive practices, making it relevant to the question.

Consider the other options: The Foreign Corrupt Practices Act (FCPA) deals with anti-bribery and accounting transparency in international business. The Dodd-Frank Act focuses on financial regulation and systemic risk, while the Sarbanes-Oxley Act (SOX) addresses corporate governance and financial reporting. None of these directly address consumer credit practices.

Conclude that the Truth in Lending Act (TILA) is the correct answer based on its focus on consumer credit protection and transparency in fees.