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

All of the following statements regarding 529 plans are true EXCEPT:

Contributions to a 529 plan are tax-deductible on your federal income tax return.

The account owner retains control over the assets in the plan.

Withdrawals used for qualified education expenses are generally tax-free.

Funds in a 529 plan can be used at most accredited colleges and universities.

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Verified step by step guidance

Understand the nature of 529 plans: A 529 plan is a tax-advantaged savings plan designed to encourage saving for future education costs. It is named after Section 529 of the Internal Revenue Code.

Review the tax implications of contributions: Contributions to a 529 plan are not tax-deductible on your federal income tax return. However, some states may offer tax deductions or credits for contributions to a 529 plan.

Examine the control over assets: The account owner retains control over the assets in the plan, even after the beneficiary reaches legal adulthood. This is a key feature of 529 plans.

Analyze withdrawals for qualified education expenses: Withdrawals used for qualified education expenses, such as tuition, books, and room and board, are generally tax-free. This is one of the primary benefits of a 529 plan.

Consider the flexibility of fund usage: Funds in a 529 plan can be used at most accredited colleges and universities, including some institutions outside the United States. This makes the plan versatile for higher education purposes.