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

Assume you have excellent credit. What is the most likely annual percentage rate (APR) you would receive for purchases or balance transfers on a new credit card?

Around 5% APR

Around 35% APR

Around 25% APR

Around 15% APR

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Verified step by step guidance

Understand the concept of Annual Percentage Rate (APR): APR represents the annual cost of borrowing money, including interest and fees, expressed as a percentage. It is a key factor in determining the cost of credit card transactions.

Recognize that credit card APRs vary based on factors such as creditworthiness, market conditions, and the type of transaction (e.g., purchases, balance transfers). Excellent credit typically qualifies for lower APRs.

Analyze the options provided: Around 5% APR, Around 35% APR, Around 25% APR, and Around 15% APR. Consider which APR is most realistic for someone with excellent credit.

Recall that individuals with excellent credit usually receive competitive rates, which are generally lower than average APRs. Rates around 15% APR are common for purchases and balance transfers for such individuals.

Conclude that the most likely APR for someone with excellent credit is Around 15% APR, as it aligns with typical market rates for creditworthy borrowers.