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

Sam paid an annual percentage rate (APR) of 6.5% on his loan, while Jessica paid an APR of 5.2% on hers. What is the difference in APR paid by Sam and Jessica?

1.3%

5.2%

0.7%

11.7%

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Verified step by step guidance

Step 1: Understand the concept of Annual Percentage Rate (APR). APR represents the annual cost of borrowing money, expressed as a percentage of the loan amount. It includes interest and any additional fees.

Step 2: Identify the APR values given in the problem. Sam's APR is 6.5%, and Jessica's APR is 5.2%.

Step 3: To find the difference in APR paid by Sam and Jessica, subtract Jessica's APR from Sam's APR. Use the formula: Difference = Sam's APR - Jessica's APR.

Step 4: Substitute the given values into the formula: Difference = 6.5% - 5.2%.

Step 5: Perform the subtraction to determine the difference in APR. Ensure the result is expressed as a percentage.