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 best explains why an employer-sponsored retirement plan is considered convenient for employees?

Only employers can contribute to the plan, not employees.

Employees must manually deposit funds each month.

Employees are required to file separate tax returns for the plan.

Contributions are automatically deducted from employees' paychecks.

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Verified step by step guidance

Understand the concept of employer-sponsored retirement plans: These are retirement savings plans set up by employers to help employees save for their future. Contributions can be made by both the employer and the employee.

Recognize the convenience factor: Employer-sponsored retirement plans are considered convenient because they simplify the process of saving for retirement by automating contributions.

Analyze the options provided: Evaluate each statement to determine which one aligns with the convenience of automatic contributions.

Eliminate incorrect options: For example, 'Only employers can contribute to the plan, not employees' is incorrect because employees can also contribute. 'Employees must manually deposit funds each month' is incorrect because contributions are automated. 'Employees are required to file separate tax returns for the plan' is irrelevant to convenience.

Identify the correct explanation: The correct answer is 'Contributions are automatically deducted from employees' paychecks,' as this feature eliminates the need for manual deposits and ensures consistent saving.