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

An example of a tax-qualified retirement plan would be a(n):

Health savings account (HSA)

401(k) plan

Non-qualified deferred compensation plan

Flexible spending account (FSA)

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Verified step by step guidance

Understand the concept of a tax-qualified retirement plan: These are retirement plans that meet specific requirements set by the IRS and offer tax advantages, such as tax-deferred growth or tax-deductible contributions.

Review the options provided in the problem: Health savings account (HSA), 401(k) plan, Non-qualified deferred compensation plan, and Flexible spending account (FSA).

Analyze each option: Determine whether each plan is designed specifically for retirement savings and whether it qualifies for tax advantages under IRS rules.

Focus on the 401(k) plan: This is a well-known tax-qualified retirement plan where contributions are made pre-tax, and earnings grow tax-deferred until withdrawal.

Conclude that the 401(k) plan is the correct answer because it meets the criteria of a tax-qualified retirement plan, unlike the other options which serve different purposes (e.g., healthcare savings or non-qualified compensation).