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

As a sole proprietor, being your own boss means:

You are required to form a board of directors to manage the business.

You have full control over business decisions and operations.

You are protected from personal liability for business debts.

You must share profits and losses with business partners.

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Verified step by step guidance

Understand the concept of sole proprietorship: A sole proprietorship is a business structure where an individual owns and operates the business. It is the simplest and most common form of business ownership.

Clarify the key characteristics of a sole proprietorship: The owner has full control over business decisions and operations, and there is no requirement to form a board of directors. Additionally, the owner is personally liable for business debts, meaning their personal assets can be used to settle business obligations.

Eliminate incorrect options: Since a sole proprietorship does not involve a board of directors or business partners, options related to forming a board or sharing profits and losses with partners are not applicable.

Focus on the correct answer: The defining feature of a sole proprietorship is that the owner has full control over business decisions and operations. This is a key advantage of this business structure.

Summarize the reasoning: Based on the characteristics of a sole proprietorship, the correct answer is that the owner has full control over business decisions and operations, as this aligns with the nature of this business structure.