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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Struggling with Financial Accounting?

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Multiple Choice

Which statement is FALSE about capital gains tax on mutual fund earnings?

Long-term capital gains from mutual funds are generally taxed at a lower rate than short-term gains.

Mutual fund investors are not responsible for paying capital gains tax if the fund sells securities at a profit.

Capital gains distributions from mutual funds can result in a tax liability even if the investor has not sold any shares.

Capital gains tax is only incurred when mutual fund shares are sold at a profit.

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Verified step by step guidance

Step 1: Understand the concept of capital gains tax. Capital gains tax is a tax on the profit realized from the sale of an asset, such as mutual fund shares. It can be classified into long-term (assets held for more than a year) and short-term (assets held for less than a year), with long-term gains typically taxed at a lower rate.

Step 2: Analyze the statement 'Mutual fund investors are not responsible for paying capital gains tax if the fund sells securities at a profit.' This statement is false because mutual fund investors are responsible for paying capital gains tax on distributions made by the fund, even if they have not sold their shares.

Step 3: Review the statement 'Capital gains distributions from mutual funds can result in a tax liability even if the investor has not sold any shares.' This is true because mutual funds distribute capital gains to investors, and these distributions are taxable.

Step 4: Examine the statement 'Capital gains tax is only incurred when mutual fund shares are sold at a profit.' This is false because capital gains tax can also be incurred through distributions made by the mutual fund, regardless of whether the investor has sold their shares.

Step 5: Confirm the statement 'Long-term capital gains from mutual funds are generally taxed at a lower rate than short-term gains.' This is true, as long-term capital gains are taxed at preferential rates compared to short-term gains, which are taxed as ordinary income.