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 is a tax-deductible expense for a corporation?

Personal expenses of the CEO

Dividends paid to shareholders

Fines for violating laws

Interest paid on business loans

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Understand the concept of tax-deductible expenses: Tax-deductible expenses are costs incurred by a business that can be subtracted from its taxable income, reducing the overall tax liability. These expenses must be ordinary, necessary, and directly related to the business operations.

Analyze each option provided: Personal expenses of the CEO, dividends paid to shareholders, fines for violating laws, and interest paid on business loans. Determine whether each aligns with the definition of a tax-deductible expense.

Evaluate 'Personal expenses of the CEO': These are not tax-deductible because they are personal in nature and not directly related to the business operations.

Evaluate 'Dividends paid to shareholders': Dividends are distributions of profits to shareholders and are not considered a business expense. Therefore, they are not tax-deductible.

Evaluate 'Interest paid on business loans': Interest on business loans is considered a necessary and ordinary expense directly related to business operations. It is tax-deductible under most tax regulations.