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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

Which type of business organization is typically the easiest and least expensive for a single owner to establish when getting a business up and running?

Partnership

Limited liability company (LLC)

Sole proprietorship

Corporation

Previous problemNext problem

Verified step by step guidance

Understand the different types of business organizations: Sole proprietorship, Partnership, Limited Liability Company (LLC), and Corporation. Each has unique characteristics, costs, and legal requirements.

Recognize that a sole proprietorship is owned and operated by a single individual. It is the simplest form of business organization and does not require formal registration or complex legal documentation.

Compare the costs and complexity of establishing each type of business. Sole proprietorships typically have minimal startup costs and fewer regulatory requirements compared to partnerships, LLCs, or corporations.

Consider the legal and tax implications. Sole proprietorships allow the owner to report business income and expenses on their personal tax return, avoiding the need for separate business tax filings.

Conclude that for a single owner looking for the easiest and least expensive way to start a business, a sole proprietorship is the most suitable option due to its simplicity and low cost.