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

If an LLC is doing business in a state other than the state in which it was formed, what must it typically do to legally operate in that state?

Change its business structure to a corporation

No action is required; it can operate freely in any state

Dissolve in its original state and reform in the new state

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Verified step by step guidance

Understand the concept of an LLC (Limited Liability Company): An LLC is a business structure that provides limited liability protection to its owners while allowing flexibility in management and taxation.

Recognize the legal requirement for operating in a state other than the state of formation: When an LLC conducts business in a state other than its formation state, it is considered a 'foreign LLC' in that state.

Learn the process of registering as a foreign LLC: To legally operate in the new state, the LLC must file for registration as a foreign LLC with the Secretary of State or equivalent authority in the new state.

Prepare the necessary documentation: This typically includes submitting an application for foreign registration, providing a Certificate of Good Standing from the original state, and paying the required fees.

Understand the implications of foreign registration: Once registered, the LLC must comply with the laws and regulations of the new state, including tax obligations and annual reporting requirements.