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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

A savings account is primarily used for ___________.

storing money and earning interest

tracking company expenses

paying off business loans

recording business transactions

Previous problemNext problem

Verified step by step guidance

Understand the purpose of a savings account: A savings account is designed to help individuals or businesses store money securely while earning interest over time.

Eliminate incorrect options: Review the provided options and identify those that do not align with the primary purpose of a savings account.

Option 1: 'Tracking company expenses' - This is incorrect because tracking expenses is typically done using accounting software or expense accounts, not a savings account.

Option 2: 'Paying off business loans' - This is incorrect because paying off loans is not the primary function of a savings account; it is more related to cash flow management or loan accounts.

Option 3: 'Recording business transactions' - This is incorrect because recording transactions is done in journals or ledgers, not in a savings account. The correct answer is 'storing money and earning interest,' as this aligns with the primary purpose of a savings account.