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 regarding a key employee life insurance policy is NOT true?

The policy is intended to protect the business from financial loss due to the death of a key employee.

Premiums paid by the company are generally tax-deductible as a business expense.

The company is the beneficiary of the policy.

The company owns the policy and pays the premiums.

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Verified step by step guidance

Step 1: Understand the concept of key employee life insurance. This type of policy is designed to protect a business from financial loss due to the death of an employee who is critical to the company's operations or profitability.

Step 2: Analyze the tax implications of premiums paid for key employee life insurance. Generally, premiums paid by the company for such policies are NOT tax-deductible as a business expense because the company is the beneficiary of the policy.

Step 3: Review the ownership and beneficiary details of the policy. In a key employee life insurance policy, the company typically owns the policy, pays the premiums, and is the beneficiary.

Step 4: Compare the statements provided in the question to the general rules of key employee life insurance policies. Identify the statement that contradicts the standard practices or rules.

Step 5: Conclude that the statement 'Premiums paid by the company are generally tax-deductible as a business expense' is NOT true, as it conflicts with the tax treatment of key employee life insurance premiums.