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 type of account should Becky choose if she wants to access and spend her money as frequently as she needs?

Checking account

Certificate of deposit (CD)

Savings account

Money market account

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Verified step by step guidance

Understand the purpose of each account type: A checking account is designed for frequent access and spending, while other accounts like savings accounts, CDs, and money market accounts are typically used for saving and may have restrictions on withdrawals.

Evaluate Becky's needs: Since Becky wants to access and spend her money as frequently as she needs, she requires an account with high liquidity and no withdrawal restrictions.

Compare account features: Checking accounts allow unlimited transactions and are ideal for daily expenses. Savings accounts may limit withdrawals, CDs lock money for a fixed term, and money market accounts often have transaction limits.

Identify the best match: Based on Becky's requirement for frequent access, a checking account is the most suitable option.

Conclude the reasoning: Becky should choose a checking account because it provides the flexibility to access and spend money without restrictions, meeting her needs effectively.