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 individuals is legally required to file a tax return?

A minor with no earned or unearned income

A retiree with only non-taxable Social Security benefits

A student with no income

A self-employed individual earning above the minimum filing threshold

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Verified step by step guidance

Understand the concept of filing requirements: Filing a tax return is legally required for individuals who meet certain income thresholds or specific conditions, such as self-employment income above the minimum filing threshold.

Review the filing thresholds for self-employed individuals: The IRS requires self-employed individuals to file a tax return if their net earnings from self-employment are $400 or more, regardless of age or other income sources.

Analyze the scenarios provided: A minor with no earned or unearned income, a retiree with only non-taxable Social Security benefits, and a student with no income do not meet the income thresholds or conditions requiring a tax return.

Focus on the self-employed individual: Since the problem specifies a self-employed individual earning above the minimum filing threshold, this person is legally required to file a tax return based on IRS regulations.

Conclude the reasoning: The correct answer is the self-employed individual earning above the minimum filing threshold, as they meet the legal requirement for filing a tax return under IRS rules.