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

Each of the following events results in a tax payment. Which is an example of a direct tax?

An individual pays income tax on their salary.

A customer pays excise duty on gasoline at the pump.

A company pays value-added tax (VAT) on its sales.

A consumer pays sales tax when purchasing goods.

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Verified step by step guidance

Understand the concept of direct tax: A direct tax is a type of tax that is paid directly to the government by the individual or organization on whom it is imposed. Examples include income tax and property tax.

Analyze the given options to identify which tax is paid directly by the individual or entity to the government without intermediaries.

Option 1: 'An individual pays income tax on their salary' is a direct tax because the individual directly pays the tax to the government based on their earnings.

Option 2: 'A customer pays excise duty on gasoline at the pump' is an indirect tax because the tax is included in the price of gasoline and collected by the seller, who then remits it to the government.

Option 3: 'A company pays value-added tax (VAT) on its sales' and Option 4: 'A consumer pays sales tax when purchasing goods' are also examples of indirect taxes, as these taxes are collected by businesses and passed on to the government.