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

Each year, taxpayers submit a(n):

bank reconciliation

income tax return

journal entry

trial balance

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Verified step by step guidance

Understand the context of the question: Taxpayers are required to submit specific documents annually to comply with legal and financial regulations.

Identify the purpose of each option provided: A bank reconciliation is used to match a company's bank statement with its accounting records, a journal entry records transactions in accounting, a trial balance summarizes all ledger accounts, and an income tax return is a document submitted to report income and calculate taxes owed.

Focus on the term 'taxpayers' and the annual requirement: Taxpayers are individuals or entities obligated to report their income and pay taxes to the government.

Recognize that the correct document for taxpayers to submit annually is the 'income tax return,' as it is directly related to reporting income and calculating taxes owed.

Conclude that the other options (bank reconciliation, journal entry, trial balance) are accounting tools used by businesses and are not relevant to the annual submission requirement for taxpayers.