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

A(n) ____ business is an organization that generates revenue.

nonprofit

charitable

governmental

for-profit

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Understand the definition of a for-profit business: A for-profit business is an organization that operates with the primary goal of generating revenue and earning profits for its owners or shareholders.

Compare the characteristics of a for-profit business with other types of organizations mentioned in the problem: nonprofit, charitable, and governmental. Nonprofit organizations focus on serving a social cause rather than generating profits. Charitable organizations are a subset of nonprofits that aim to provide aid or support to specific groups or causes. Governmental organizations are public entities funded by taxes and focused on providing services to citizens.

Identify the key term in the question: 'generates revenue.' This phrase aligns with the primary purpose of a for-profit business, which is to earn income through its operations.

Eliminate the incorrect options based on their definitions: Nonprofit, charitable, and governmental organizations do not primarily aim to generate revenue for profit purposes.

Conclude that the correct answer is 'for-profit,' as it matches the description of an organization that generates revenue with the intent of earning profits.