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 types of organizations issues only common stock?

Partnership

Corporation

Limited liability company (LLC)

Sole proprietorship

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Understand the characteristics of each type of organization listed in the problem: Partnership, Corporation, Limited Liability Company (LLC), and Sole Proprietorship.

Recall that a Partnership is owned by two or more individuals who share profits and losses, and it does not issue stock.

Note that a Sole Proprietorship is owned by a single individual and also does not issue stock.

Understand that a Limited Liability Company (LLC) is a hybrid structure that combines elements of partnerships and corporations, but it typically does not issue stock.

Recognize that a Corporation is a legal entity that can issue stock, including common stock, to raise capital. Corporations are the only type of organization among the options provided that issue common stock.