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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

You are required to file a tax return in all of the following scenarios except:

You earned less than the standard deduction and had no other filing requirements.

You had self-employment income of $500 or more.

You are claimed as a dependent but earned more than the filing threshold.

You received wages from an employer and had taxes withheld.

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Verified step by step guidance

Step 1: Understand the concept of filing requirements. Filing a tax return is mandatory in certain scenarios, such as earning income above the standard deduction, having self-employment income, or being claimed as a dependent with income above the threshold.

Step 2: Review the standard deduction amount for the tax year in question. The standard deduction is a fixed dollar amount that reduces taxable income, and individuals earning less than this amount generally do not need to file unless other conditions apply.

Step 3: Analyze the self-employment income rule. If you have self-employment income of $500 or more, you are required to file a tax return regardless of whether your total income is below the standard deduction.

Step 4: Examine the dependent filing threshold. If you are claimed as a dependent and your earned income exceeds the filing threshold, you are required to file a tax return.

Step 5: Consider the scenario of taxes withheld. If you received wages from an employer and had taxes withheld, filing a tax return may be necessary to claim a refund of the withheld taxes, even if your income is below the standard deduction.