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

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

When someone says they need to file their taxes, they are referring to filling out a ________.

balance sheet

tax return

journal entry

bank reconciliation

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Verified step by step guidance

Understand the context: Filing taxes refers to the process of reporting income, deductions, and other financial information to the government for tax purposes.

Identify the correct term: A 'tax return' is the document or form used to report this information to the tax authorities, such as the IRS in the United States.

Clarify why other options are incorrect: A balance sheet is a financial statement showing assets, liabilities, and equity, not related to tax filing. A journal entry is an accounting record, and a bank reconciliation is the process of matching bank statements with accounting records.

Relate the concept: Filing a tax return is a legal requirement for individuals and businesses to ensure compliance with tax laws and calculate tax liabilities or refunds.

Conclude: The correct answer is 'tax return,' as it directly pertains to the process of filing taxes.