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 type of business organization is characterized by ownership through shareholders and centralized decision making?

Corporation

Partnership

Sole proprietorship

Cooperative

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Understand the characteristics of each type of business organization: Corporation, Partnership, Sole Proprietorship, and Cooperative.

A Corporation is characterized by ownership through shareholders, meaning individuals or entities own shares of the company, which represent their ownership stake.

Corporations have centralized decision-making, typically managed by a board of directors and executives who make decisions on behalf of the shareholders.

Compare this to other business organizations: Partnerships involve shared ownership among partners, Sole Proprietorships are owned and managed by a single individual, and Cooperatives are owned and operated by members for mutual benefit.

Based on the characteristics provided, identify that the correct answer is 'Corporation' as it matches the description of ownership through shareholders and centralized decision-making.