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

Rashid is a business owner who allows others to sell his products. What term best describes Rashid?

Franchisee

Sole Proprietor

Franchisor

Partner

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Verified step by step guidance

Step 1: Understand the concept of franchising. Franchising is a business model where one party (the franchisor) grants another party (the franchisee) the right to operate a business using its brand, products, and business practices.

Step 2: Analyze the role of Rashid in the scenario. Rashid is described as a business owner who allows others to sell his products. This indicates that Rashid is providing the rights to others to operate under his business model.

Step 3: Differentiate between the terms provided. A 'Franchisee' is the individual or entity that purchases the rights to operate the business. A 'Sole Proprietor' is someone who owns and operates a business independently. A 'Partner' is someone who co-owns a business with others. A 'Franchisor' is the entity that grants the rights to others to operate the business.

Step 4: Match Rashid's role to the correct term. Since Rashid is the one granting the rights to others to sell his products, he fits the definition of a 'Franchisor'.

Step 5: Conclude that the term 'Franchisor' best describes Rashid based on the scenario provided.