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 of the following policies would be classified as a traditional level premium contract?

Variable universal life insurance policy

Whole life insurance policy

Single premium endowment policy

Term life insurance with annually increasing premiums

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Verified step by step guidance

Understand the concept of a traditional level premium contract: This type of insurance policy involves fixed premium payments over the life of the policy, meaning the premium amount does not change regardless of the insured's age or other factors.

Analyze the characteristics of each option provided: For example, a variable universal life insurance policy typically allows flexibility in premium payments and investment options, which does not align with the fixed premium structure of a traditional level premium contract.

Evaluate the whole life insurance policy: Whole life insurance is a classic example of a traditional level premium contract because it requires fixed premium payments throughout the insured's lifetime and provides coverage for the entire life of the insured.

Consider the single premium endowment policy: This type of policy involves a single lump-sum payment rather than level premiums over time, so it does not fit the definition of a traditional level premium contract.

Review the term life insurance with annually increasing premiums: This policy involves premiums that increase each year, which is the opposite of the fixed premium structure of a traditional level premium contract.