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

Which of the following business scenarios best fits the definition of a small business according to the U.S. Small Business Administration (SBA)?

A retail store with 30 employees and annual revenues of $2 million.

A publicly traded technology firm with annual revenues exceeding $1 billion.

A manufacturing company with 2,000 employees and annual revenues of $100 million.

A multinational corporation with 10,000 employees operating in 15 countries.

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Verified step by step guidance

Understand the definition of a small business according to the U.S. Small Business Administration (SBA). The SBA generally defines a small business based on industry-specific standards, which include factors such as the number of employees and annual revenue.

Review the provided options and compare them against the SBA's criteria. For example, the SBA often considers businesses with fewer than 500 employees and annual revenues below certain thresholds (depending on the industry) as small businesses.

Analyze the first option: A retail store with 30 employees and annual revenues of $2 million. This fits within the typical SBA criteria for small businesses in the retail industry.

Evaluate the other options: A publicly traded technology firm with annual revenues exceeding $1 billion, a manufacturing company with 2,000 employees and annual revenues of $100 million, and a multinational corporation with 10,000 employees operating in 15 countries. These options exceed the SBA's typical thresholds for small businesses.

Conclude that the retail store with 30 employees and annual revenues of $2 million best fits the definition of a small business according to the SBA.