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

In a business, which of the following forms of organization provides the owners with limited liability protection?

Sole proprietorship

Corporation

General partnership

Unlimited partnership

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Understand the concept of limited liability protection: Limited liability means that the owners (shareholders) of a business are not personally responsible for the debts and liabilities of the business beyond their investment in the company.

Review the characteristics of each form of business organization: Sole proprietorship, general partnership, unlimited partnership, and corporation.

Analyze the sole proprietorship: In this form, the owner is personally liable for all debts and obligations of the business. There is no limited liability protection.

Examine the general partnership and unlimited partnership: In both cases, partners are personally liable for the debts and obligations of the business. These forms do not provide limited liability protection.

Evaluate the corporation: A corporation is a separate legal entity, and its owners (shareholders) have limited liability protection. This means their personal assets are protected, and they are only liable up to the amount they invested in the corporation.