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 is true about mutual funds and taxes?

All mutual fund dividends are tax-free to investors.

Taxes on mutual fund earnings are only due when the investor sells their shares.

Mutual funds are not required to report any income or gains to the IRS.

Investors may owe taxes on capital gains distributed by mutual funds, even if they do not sell their shares.

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Verified step by step guidance

Understand the concept of mutual funds: Mutual funds pool money from multiple investors to invest in a diversified portfolio of stocks, bonds, or other securities. They generate income through dividends, interest, and capital gains.

Learn about mutual fund taxation: Mutual funds are required to distribute their earnings (such as dividends and capital gains) to investors. These distributions are taxable to the investor, even if the investor does not sell their mutual fund shares.

Clarify the tax implications of capital gains: When mutual funds sell securities within their portfolio for a profit, they generate capital gains. These gains are distributed to investors and are subject to taxation, regardless of whether the investor sells their mutual fund shares.

Understand reporting requirements: Mutual funds are required to report income and gains to the IRS and provide investors with tax documents, such as Form 1099-DIV, which details dividends and capital gains distributions.

Recognize the correct statement: Investors may owe taxes on capital gains distributed by mutual funds, even if they do not sell their shares. This is because the tax liability arises from the distribution itself, not the sale of mutual fund shares.