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 is NOT considered a personal income tax?

Corporate income tax

Local individual income tax

Federal individual income tax

State individual income tax

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Understand the concept of personal income tax: Personal income tax is a tax levied on the income earned by individuals, not corporations. It is typically imposed by federal, state, or local governments.

Review the options provided: Corporate income tax, Local individual income tax, Federal individual income tax, and State individual income tax.

Identify the key difference: Corporate income tax is a tax imposed on the profits of corporations, not individuals. This distinguishes it from the other options, which are taxes on individual income.

Clarify the scope of individual income taxes: Local, federal, and state individual income taxes are all examples of personal income taxes because they apply to the earnings of individuals.

Conclude that the correct answer is the option that does not fit the definition of personal income tax, which is Corporate income tax.