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

Business Organization

Financial Accounting

1. Introduction to Accounting

Business Organization

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Multiple Choice

Which of the following are the most common types of business organizations in the United States?

Limited liability companies, unions, and credit unions

Nonprofit organizations, trusts, and estates

Cooperatives, government agencies, and franchises

Sole proprietorships, partnerships, and corporations

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Verified step by step guidance

Understand the question: The problem is asking about the most common types of business organizations in the United States. This requires knowledge of business structures and their prevalence.

Review the options provided: Carefully analyze each option to determine which types of organizations are most common in the U.S. economy.

Recall the key characteristics of common business organizations: Sole proprietorships, partnerships, and corporations are widely recognized as the primary forms of business organizations due to their simplicity, flexibility, and legal structure.

Eliminate incorrect options: For example, unions, credit unions, and government agencies are not considered primary business organizations. Similarly, nonprofit organizations, trusts, and estates serve different purposes and are not as common as the three main types.

Conclude that the correct answer is 'Sole proprietorships, partnerships, and corporations,' as these are the most prevalent and foundational types of business organizations in the U.S.