Table of contents

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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

Every business ownership type is unique; therefore, when starting a business, it is important to:

Ignore legal and tax implications when deciding on a business structure

Select the ownership type that is most popular in your industry without further analysis

Evaluate the advantages and disadvantages of each ownership type before choosing one

Always choose a sole proprietorship because it is the simplest form

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Verified step by step guidance

Understand the importance of choosing the right business ownership type, as it impacts legal, tax, and operational aspects of the business.

Recognize that ignoring legal and tax implications or choosing a structure based solely on popularity can lead to challenges in the future.

Evaluate the advantages and disadvantages of each ownership type, such as sole proprietorship, partnership, corporation, and LLC, to determine which aligns best with your business goals and needs.

Consider factors like liability protection, tax treatment, ease of setup, and ability to raise capital when analyzing ownership types.

Make an informed decision based on a thorough evaluation of the ownership types, ensuring the chosen structure supports the long-term success of the business.