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

In a qualified retirement plan, the yearly contributions to an employee's account:

Are subject to annual limits set by the IRS

Are always taxed as income in the year contributed

Must be the same for all employees regardless of salary

Can be any amount determined by the employer

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Verified step by step guidance

Understand the concept of a qualified retirement plan: A qualified retirement plan is a type of employer-sponsored retirement plan that meets specific requirements set by the IRS, allowing for tax advantages.

Review the IRS rules regarding contributions: Contributions to a qualified retirement plan are subject to annual limits set by the IRS. These limits are adjusted periodically and depend on the type of plan (e.g., 401(k), 403(b), etc.).

Clarify the taxation of contributions: Contributions to a qualified retirement plan are typically made on a pre-tax basis, meaning they are not taxed as income in the year contributed. Taxes are deferred until withdrawal during retirement.

Examine the equality of contributions: Contributions to a qualified retirement plan do not have to be the same for all employees. They can vary based on factors such as salary, employee elections, and employer matching policies.

Understand employer discretion: Employers cannot arbitrarily determine contribution amounts beyond IRS limits. Contributions must comply with IRS regulations and plan rules, ensuring fairness and adherence to legal requirements.