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

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following is NOT considered an itemized deduction for individual taxpayers on a U.S. federal income tax return?

Standard deduction

Charitable contributions to qualified organizations

State and local income taxes paid

Mortgage interest paid on a primary residence

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Verified step by step guidance

Understand the concept of itemized deductions: Itemized deductions are specific expenses that taxpayers can deduct from their taxable income if they choose not to take the standard deduction. These deductions are listed on Schedule A of Form 1040.

Review the options provided in the question: The options include Standard deduction, Charitable contributions to qualified organizations, State and local income taxes paid, and Mortgage interest paid on a primary residence.

Clarify the difference between the standard deduction and itemized deductions: The standard deduction is a fixed dollar amount that reduces taxable income and is not considered an itemized deduction. Taxpayers must choose between the standard deduction and itemizing their deductions.

Identify examples of itemized deductions: Charitable contributions to qualified organizations, State and local income taxes paid, and Mortgage interest paid on a primary residence are all examples of itemized deductions that can be claimed on Schedule A.

Determine which option is NOT an itemized deduction: Based on the explanation, the Standard deduction is not an itemized deduction because it is a separate method of reducing taxable income.