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

Why should you keep your filed tax returns for at least three years?

Because you are required to keep them for your entire lifetime.

Because you need them to apply for a driver's license renewal.

Because the IRS can audit your return at any time, regardless of how many years have passed.

Because the IRS generally has up to three years to audit your tax return or for you to amend your return.

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Verified step by step guidance

Understand the concept of tax return retention: Tax returns are important financial documents that record your income, deductions, and tax payments for a given year. Retaining them is crucial for compliance and reference purposes.

Learn about the IRS audit timeline: The IRS generally has up to three years from the date you file your tax return to audit it or for you to amend your return. This is known as the 'statute of limitations' for audits.

Recognize exceptions to the three-year rule: In cases of substantial underreporting of income (more than 25%), the IRS can extend the audit period to six years. Additionally, there is no time limit if fraud is suspected or if a return was never filed.

Understand practical uses of tax returns: Beyond audits, tax returns may be needed for other purposes, such as applying for loans, verifying income, or resolving disputes with tax authorities.

Adopt best practices for record retention: Keep your filed tax returns and supporting documents for at least three years, and consider retaining them longer if you anticipate needing them for other financial or legal purposes.