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 statement best describes a situation in which people have to pay a deductible?

When an individual pays a monthly premium for health insurance coverage.

When an individual receives a tax refund from the government.

When an individual files an insurance claim and must pay a specified amount out-of-pocket before the insurance covers the remaining costs.

When an individual invests in a retirement account and receives employer matching contributions.

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Verified step by step guidance

Understand the concept of a deductible: A deductible is the amount an individual must pay out-of-pocket for expenses before their insurance policy begins to cover the remaining costs.

Identify the context in which deductibles are relevant: Deductibles are typically associated with insurance claims, such as health, auto, or property insurance.

Analyze the options provided in the problem: Evaluate each statement to determine which one aligns with the definition and purpose of a deductible.

Eliminate incorrect options: For example, paying a monthly premium is not a deductible, as it is a regular payment for maintaining insurance coverage. Similarly, receiving a tax refund or employer matching contributions does not involve deductibles.

Select the correct statement: The correct description of a deductible is when an individual files an insurance claim and must pay a specified amount out-of-pocket before the insurance covers the remaining costs.