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 tax classifications can potentially apply to legal corporations in the United States?

Sole Proprietorship

S Corporation (S Corp)

Partnership

C Corporation (C Corp)

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Verified step by step guidance

Understand the concept of legal corporations in the United States and their tax classifications. Corporations are separate legal entities that can be taxed differently based on their structure and election.

Learn about the two primary tax classifications for corporations: S Corporation (S Corp) and C Corporation (C Corp). These classifications determine how the corporation's income is taxed and how shareholders are treated for tax purposes.

Recognize that Sole Proprietorship and Partnership are not tax classifications for legal corporations. Sole Proprietorship applies to individuals running a business without forming a separate legal entity, and Partnership applies to businesses owned by two or more individuals without forming a corporation.

Understand the key differences between S Corp and C Corp: S Corp allows income to pass through to shareholders to avoid double taxation, while C Corp is taxed at the corporate level and shareholders are taxed on dividends.

Review the eligibility criteria for S Corp and C Corp elections. For example, S Corp has restrictions on the number and type of shareholders, while C Corp does not have such limitations.