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

What is the first step you should take with your new business partners when planning your business?

Develop a partnership agreement outlining roles and responsibilities

Hire employees for the business

Open a business bank account

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Verified step by step guidance

Understand the importance of a partnership agreement: A partnership agreement is a legal document that outlines the roles, responsibilities, and expectations of each partner in the business. It helps prevent misunderstandings and conflicts in the future.

Discuss and define roles and responsibilities: Collaborate with your business partners to clearly define who will handle specific tasks, such as management, finances, operations, and decision-making processes.

Draft the partnership agreement: Work together to draft the agreement, including key elements such as profit-sharing ratios, decision-making protocols, dispute resolution mechanisms, and exit strategies.

Review the agreement with legal counsel: Consult a lawyer to ensure the partnership agreement complies with local laws and protects the interests of all partners.

Finalize and sign the agreement: Once all partners agree on the terms, sign the document to make it legally binding and proceed with other steps like registering the business and opening a bank account.