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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following best describes a voluntary agreement between two or more people in the context of accounting types?

A government agency

A corporation

A sole proprietorship

A partnership

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Understand the concept of a partnership: A partnership is a voluntary agreement between two or more individuals who come together to operate a business and share its profits and losses.

Compare the characteristics of a partnership with other accounting types: A government agency is a public entity, a corporation is a separate legal entity owned by shareholders, and a sole proprietorship is owned and operated by a single individual.

Recognize that a partnership involves mutual consent and collaboration between individuals, which distinguishes it from the other types listed.

Note that partnerships are governed by agreements that outline the roles, responsibilities, and profit-sharing arrangements among the partners.

Conclude that the correct answer is 'A partnership' because it fits the description of a voluntary agreement between two or more people in the context of accounting types.