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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is NOT true regarding the annuitant in accounting?

Annuity payments typically cease upon the death of the annuitant.

The annuitant is always the same person as the beneficiary of the annuity.

The annuitant is the individual whose life expectancy determines the duration of annuity payments.

The annuitant may not necessarily be the owner of the annuity contract.

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Verified step by step guidance

Understand the concept of an annuitant: An annuitant is the individual whose life expectancy is used to determine the duration of annuity payments. This means the payments are tied to the lifespan of this person.

Clarify the relationship between the annuitant and the beneficiary: The annuitant and the beneficiary are not always the same person. The beneficiary is the person who receives the remaining benefits of the annuity if the annuitant passes away, but they are distinct roles.

Examine the ownership of the annuity contract: The annuitant may not necessarily be the owner of the annuity contract. The owner is the person who purchases the annuity and has control over it, but they can designate someone else as the annuitant.

Review the cessation of annuity payments: Annuity payments typically cease upon the death of the annuitant, unless there are specific provisions in the contract, such as a guaranteed payment period or a joint annuity.

Identify the statement that is NOT true: Based on the above clarifications, the statement 'The annuitant is always the same person as the beneficiary of the annuity' is NOT true, as these roles can be assigned to different individuals.