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 NOT a deductible tax for business income tax purposes?

Federal income tax

State income tax

Sales tax paid on business purchases

Property tax on business assets

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Verified step by step guidance

Understand the concept of deductible taxes: Deductible taxes are expenses that businesses can subtract from their taxable income to reduce the amount of income subject to tax. Common deductible taxes include state income tax, sales tax, and property tax related to business operations.

Review the nature of federal income tax: Federal income tax is a tax levied on the income of individuals and businesses by the federal government. Unlike other taxes, federal income tax is not considered a deductible expense for business income tax purposes.

Analyze state income tax: State income tax is typically deductible for businesses as it is a direct expense incurred in the operation of the business.

Examine sales tax paid on business purchases: Sales tax paid on business-related purchases is generally deductible because it is an expense directly tied to business operations.

Evaluate property tax on business assets: Property tax on business assets is deductible because it is a tax directly related to the ownership and use of business property.