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 statements about taxes in accounting is false?

Tax accounting may differ from financial accounting due to differences in tax rules and accounting standards.

Tax accounting focuses solely on preparing financial statements for external users.

Tax accounting is used to calculate a company's tax liability.

Tax accounting involves complying with tax laws and regulations.

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Verified step by step guidance

Step 1: Understand the concept of tax accounting. Tax accounting is a specialized field within accounting that focuses on the preparation, analysis, and presentation of tax returns and tax payments. It differs from financial accounting, which is primarily concerned with preparing financial statements for external users.

Step 2: Analyze the first statement: 'Tax accounting may differ from financial accounting due to differences in tax rules and accounting standards.' This is true because tax accounting follows specific tax laws and regulations, which may not align with general accounting standards like GAAP or IFRS.

Step 3: Analyze the second statement: 'Tax accounting focuses solely on preparing financial statements for external users.' This is false because tax accounting is primarily concerned with calculating tax liabilities and ensuring compliance with tax laws, not preparing financial statements for external users.

Step 4: Analyze the third statement: 'Tax accounting is used to calculate a company's tax liability.' This is true because one of the main purposes of tax accounting is to determine the amount of taxes a company owes to the government.

Step 5: Analyze the fourth statement: 'Tax accounting involves complying with tax laws and regulations.' This is true because tax accounting requires adherence to the specific tax laws and regulations of the jurisdiction in which the company operates.