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

In partnership accounting, how many people are required to form a partnership?

Only one person

At least two people

No minimum number of people

At least three people

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Verified step by step guidance

Understand the concept of a partnership: A partnership is a business structure where two or more individuals agree to share ownership, profits, and liabilities of a business.

Review the legal requirement: According to partnership laws, a partnership requires at least two individuals to form an agreement and operate the business collectively.

Clarify the options provided: The options include 'Only one person,' 'At least two people,' 'No minimum number of people,' and 'At least three people.'

Eliminate incorrect options: A partnership cannot be formed by only one person, and there is a legal minimum of two people required, so 'No minimum number of people' is incorrect. Similarly, 'At least three people' is not a requirement for forming a partnership.

Conclude with the correct answer: The correct answer is 'At least two people,' as this is the minimum number required to form a partnership under legal and accounting principles.