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 is the most effective step an individual can take to improve their credit score?

Pay all bills on time to avoid late payments.

Maximize credit card balances to increase available credit.

Close old credit accounts to reduce the number of open accounts.

Apply for multiple new credit cards at once.

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Verified step by step guidance

Understand the concept of a credit score: A credit score is a numerical representation of an individual's creditworthiness, based on their credit history. It is influenced by factors such as payment history, credit utilization, length of credit history, types of credit, and new credit inquiries.

Analyze the options provided: Evaluate each option based on its impact on the factors that determine a credit score. For example, paying bills on time positively affects payment history, while maximizing credit card balances negatively impacts credit utilization.

Focus on payment history: Payment history is the most significant factor in determining a credit score. Paying all bills on time ensures that there are no late payments, which can significantly harm the score.

Avoid maximizing credit card balances: High credit utilization (using a large percentage of your available credit) can negatively impact your credit score. Instead, aim to keep credit utilization below 30%.

Consider the impact of closing old accounts and applying for new credit: Closing old accounts can shorten the length of your credit history, which may lower your score. Applying for multiple new credit cards at once can result in hard inquiries, which may also negatively affect your score.