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

One reason limited liability companies (LLCs) have become so popular is that they:

combine the limited liability protection of corporations with the tax benefits of partnerships

are required to issue stock to the public

require double taxation on profits and dividends

must be owned by at least 100 shareholders

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Verified step by step guidance

Understand the concept of a Limited Liability Company (LLC). An LLC is a business structure that provides limited liability protection to its owners, similar to a corporation, while offering flexibility in taxation, often resembling a partnership.

Analyze the first option: 'combine the limited liability protection of corporations with the tax benefits of partnerships.' This is a key feature of LLCs, as they protect owners from personal liability for business debts and allow profits to pass through to owners without corporate taxation.

Evaluate the second option: 'are required to issue stock to the public.' LLCs do not issue stock; this is a characteristic of corporations, not LLCs.

Examine the third option: 'require double taxation on profits and dividends.' LLCs typically avoid double taxation, as profits are passed through to owners and taxed at the individual level, unlike corporations.

Review the fourth option: 'must be owned by at least 100 shareholders.' LLCs do not have a shareholder requirement; they can be owned by a single individual or multiple members, making them more flexible than corporations.