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 does NOT adjust a partner's basis in a partnership?

A partner's receipt of a distribution from the partnership

A partner's share of partnership liabilities

A partner's personal purchase of office supplies for home use

A partner's share of partnership income

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Verified step by step guidance

Step 1: Understand the concept of a partner's basis in a partnership. A partner's basis represents their investment in the partnership, which is adjusted by various transactions such as contributions, distributions, share of income, and share of liabilities.

Step 2: Analyze the first option: 'A partner's receipt of a distribution from the partnership.' Distributions reduce a partner's basis because they represent a return of investment or profit taken out of the partnership.

Step 3: Analyze the second option: 'A partner's share of partnership liabilities.' A partner's basis is increased by their share of partnership liabilities because it represents an additional financial obligation tied to their investment in the partnership.

Step 4: Analyze the third option: 'A partner's personal purchase of office supplies for home use.' This transaction is unrelated to the partnership and does not affect the partner's basis because it is a personal expense and not tied to the partnership's operations.

Step 5: Analyze the fourth option: 'A partner's share of partnership income.' A partner's basis is increased by their share of partnership income because it represents earnings attributable to their investment in the partnership.