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

2. Transaction Analysis

Journal Entries: Debits and Credits

Financial Accounting

2. Transaction Analysis

Journal Entries: Debits and Credits

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Multiple Choice

Which of the following is NOT a function of Form W-2 in accounting records?

Reporting an employee's annual wages and the amount of taxes withheld

Recording journal entries for company asset purchases

Supplying data to the Social Security Administration

Providing information for employees to file their personal income tax returns

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Verified step by step guidance

Understand the purpose of Form W-2: Form W-2 is a document provided by employers to employees that reports annual wages and the amount of taxes withheld from their paychecks. It is primarily used for tax-related purposes.

Analyze the options provided: The options include functions related to reporting wages, supplying data to the Social Security Administration, providing information for employees to file their income tax returns, and recording journal entries for company asset purchases.

Evaluate the relevance of each option: The first three options are directly related to the purpose of Form W-2, as they involve reporting wages, tax withholding, and providing necessary information for tax filing and government reporting.

Identify the unrelated function: Recording journal entries for company asset purchases is not a function of Form W-2. This activity pertains to the company's internal accounting processes and is unrelated to the employee wage and tax reporting functions of Form W-2.

Conclude that the correct answer is the option that does not align with the purpose of Form W-2: Recording journal entries for company asset purchases is NOT a function of Form W-2.