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 entities is NOT considered a flow-through entity?

Limited Liability Company (LLC) taxed as a partnership

Partnership

C Corporation

S Corporation

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Verified step by step guidance

Understand the concept of flow-through entities: Flow-through entities are business structures where income, deductions, and credits pass directly to the owners or shareholders, avoiding corporate-level taxation. Examples include partnerships, LLCs taxed as partnerships, and S Corporations.

Review the characteristics of each entity type: Partnerships and LLCs taxed as partnerships are flow-through entities because their income is reported on the owners' personal tax returns. S Corporations are also flow-through entities, as their income flows to shareholders and is taxed at the individual level.

Contrast flow-through entities with C Corporations: C Corporations are not flow-through entities. They are subject to double taxation, where the corporation pays taxes on its income, and shareholders pay taxes on dividends received.

Identify the entity that does not meet the flow-through criteria: Based on the explanation, the C Corporation is the entity that is NOT considered a flow-through entity.

Conclude the reasoning: The correct answer is C Corporation because it is taxed at the corporate level and does not pass income directly to its shareholders for individual taxation.