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

Why is it important to have the proper amount of taxes withheld from your paycheck?

Because it increases your gross income for the year

So that your employer can reduce their payroll expenses

To avoid owing a large sum to the government or receiving a large refund at tax time

To ensure you qualify for more employee benefits

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Verified step by step guidance

Understand the concept of tax withholding: Tax withholding is the process where your employer deducts a portion of your paycheck to pay your estimated income taxes directly to the government.

Recognize the importance of proper withholding: Proper withholding ensures that you pay the correct amount of taxes throughout the year, avoiding underpayment or overpayment.

Consider the consequences of under-withholding: If too little tax is withheld, you may owe a large sum to the government at tax time, which can be financially burdensome.

Consider the consequences of over-withholding: If too much tax is withheld, you may receive a large refund, but this essentially means you gave the government an interest-free loan instead of using that money throughout the year.

Understand the goal of proper withholding: The goal is to strike a balance where the amount withheld closely matches your actual tax liability, minimizing the risk of owing money or receiving a large refund.