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 a feature of the corporate form of business ownership?

Limited liability for shareholders

Business income taxed only once at the owner level

Direct management by all owners

Unlimited liability for owners

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Verified step by step guidance

Understand the concept of 'corporate form of business ownership': A corporation is a legal entity separate from its owners, providing certain features and protections to shareholders.

Review the feature of 'limited liability for shareholders': In a corporation, shareholders are only liable for the amount they have invested in the company and are not personally responsible for the corporation's debts or liabilities.

Analyze the taxation aspect: Corporations typically face double taxation, where business income is taxed at the corporate level and again at the shareholder level when dividends are distributed. This is contrary to the option 'Business income taxed only once at the owner level,' which applies to sole proprietorships or partnerships.

Evaluate the management structure: Corporations are managed by a board of directors and executives, not directly by all owners. This makes the option 'Direct management by all owners' incorrect for corporations.

Clarify the liability for owners: Corporations provide limited liability protection, meaning the option 'Unlimited liability for owners' does not apply to the corporate form of business ownership.