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 retirement plans does NOT qualify for a federal income tax deduction?

Roth IRA

401(k) Plan

SEP IRA

Traditional IRA

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Understand the concept of tax deductions for retirement plans: Tax deductions allow individuals to reduce their taxable income by contributing to certain retirement accounts. However, not all retirement plans qualify for these deductions.

Review the characteristics of each retirement plan: Roth IRA, 401(k) Plan, SEP IRA, and Traditional IRA. Focus on whether contributions to these plans are tax-deductible.

Analyze the Roth IRA: Contributions to a Roth IRA are made with after-tax dollars, meaning they do not qualify for a federal income tax deduction. However, withdrawals in retirement are tax-free.

Compare the other plans: Contributions to 401(k) Plans, SEP IRAs, and Traditional IRAs are typically tax-deductible, reducing taxable income in the year of contribution.

Conclude that the Roth IRA does not qualify for a federal income tax deduction, as its contributions are not tax-deductible, unlike the other listed plans.