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

From the perspective of control, which of the following is considered the best form of business organization?

Sole proprietorship

Partnership

Limited liability company (LLC)

Corporation

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Verified step by step guidance

Understand the key characteristics of each business organization type: Sole proprietorship, Partnership, Limited Liability Company (LLC), and Corporation.

Evaluate the level of control in a Sole Proprietorship: This type of business is owned and operated by one individual, giving them complete control over decision-making.

Analyze the control in a Partnership: In this type, control is shared among partners, which may lead to conflicts or slower decision-making compared to a sole proprietorship.

Examine the control in a Limited Liability Company (LLC): While LLCs provide liability protection, the control structure can vary depending on whether it is member-managed or manager-managed, potentially diluting individual control.

Assess the control in a Corporation: Corporations are owned by shareholders and managed by a board of directors, which significantly reduces individual control compared to other forms of business organizations.