Table of contents

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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

When you buy clothes or check out at the grocery store, you will pay _____________.

sales tax

income tax

excise tax

property tax

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Verified step by step guidance

Understand the context of the question: It is asking about the type of tax paid when purchasing goods like clothes or groceries.

Review the definitions of the tax types provided: Sales tax, income tax, excise tax, and property tax.

Sales tax is a tax imposed on the sale of goods and services, typically calculated as a percentage of the purchase price.

Income tax is a tax on an individual's earnings, not related to purchasing goods or services.

Excise tax is a tax on specific goods like alcohol or tobacco, and property tax is a tax on real estate ownership. Therefore, the correct answer is sales tax.