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

When preparing your taxes, which of the following can help reduce the amount of taxes that you owe?

Reporting higher income than you earned

Ignoring income from part-time jobs

Claiming eligible tax deductions

Filing your tax return late

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Verified step by step guidance

Understand the concept of tax deductions: Tax deductions are expenses that can be subtracted from your taxable income, reducing the amount of income subject to tax. Examples include charitable donations, mortgage interest, and certain business expenses.

Identify eligible tax deductions: Review the list of deductions provided by the tax authority (e.g., IRS in the United States) to determine which deductions you qualify for based on your financial activities during the year.

Gather documentation: Collect receipts, invoices, and other proof of eligible expenses to substantiate your claims for deductions. Proper documentation is essential in case of an audit.

Calculate the impact of deductions: Subtract the total eligible deductions from your gross income to determine your taxable income. Use the formula: \( \text{Taxable Income} = \text{Gross Income} - \text{Eligible Deductions} \).

File your tax return on time: Ensure you submit your tax return by the deadline to avoid penalties and interest charges. Filing late can increase the amount you owe, even if you claim deductions.