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 of the following is NOT a type of business organization?

Corporation

Sole proprietorship

Partnership

Monopoly

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Verified step by step guidance

Understand the types of business organizations: Corporation, Sole Proprietorship, and Partnership are all recognized forms of business organizations. Each has distinct characteristics in terms of ownership, liability, and taxation.

Define Monopoly: A monopoly is not a type of business organization. Instead, it refers to a market structure where a single seller dominates the market, controlling the supply and price of a product or service.

Compare the options: Corporation, Sole Proprietorship, and Partnership are legitimate business structures, while Monopoly is a market condition rather than a business organization.

Identify the correct answer: Since Monopoly does not fit the definition of a business organization, it is the correct answer to the question.

Conclude: The question tests your understanding of business organization types versus market structures. Monopoly is not a type of business organization.