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

Which audit function is primarily performed by the information matching program?

It audits the financial statements of publicly traded companies.

It calculates the total tax liability for each taxpayer.

It compares data reported by taxpayers with information provided by third parties to identify discrepancies.

It determines the appropriate tax rate for each income bracket.

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Verified step by step guidance

Understand the concept of the 'information matching program' in auditing. This program is designed to compare data reported by taxpayers with information provided by third parties, such as employers, banks, or other institutions, to identify discrepancies.

Recognize that the primary function of this program is not to audit financial statements of publicly traded companies. That task is typically performed by external auditors or regulatory bodies like the SEC.

Clarify that the program does not calculate the total tax liability for each taxpayer. Tax liability is determined based on the taxpayer's reported income and applicable tax laws.

Note that the program does not determine the appropriate tax rate for each income bracket. Tax rates are predefined by tax authorities and applied based on income levels.

Conclude that the correct function of the information matching program is to compare taxpayer-reported data with third-party information to identify discrepancies, ensuring accuracy and compliance in tax reporting.