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 is the best description of a limited partnership?

A business owned and operated by a single individual with unlimited liability.

A business structure where at least one partner has unlimited liability and at least one partner has limited liability.

A business structure where all partners share equal responsibility and liability.

A corporation where shareholders have limited liability and ownership is represented by shares of stock.

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Verified step by step guidance

Step 1: Understand the concept of a limited partnership. A limited partnership is a business structure that includes two types of partners: general partners and limited partners.

Step 2: Clarify the roles of the partners. General partners manage the business and have unlimited liability, meaning they are personally responsible for the debts and obligations of the business. Limited partners contribute capital but have limited liability, meaning their risk is restricted to the amount they invested.

Step 3: Compare the description of a limited partnership to the options provided. The correct description should align with the definition of a limited partnership, emphasizing the distinction between general and limited partners.

Step 4: Eliminate incorrect options. For example, a business owned and operated by a single individual with unlimited liability describes a sole proprietorship, not a limited partnership. Similarly, a business structure where all partners share equal responsibility and liability describes a general partnership.

Step 5: Identify the correct answer. The description that matches the definition of a limited partnership is: 'A business structure where at least one partner has unlimited liability and at least one partner has limited liability.'