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 statement is true about creating a sole proprietorship?

A sole proprietorship is the easiest and least expensive form of business to establish.

A sole proprietorship requires filing articles of incorporation with the state.

A sole proprietorship provides limited liability protection to its owner.

A sole proprietorship must have at least two owners.

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Verified step by step guidance

Understand the concept of a sole proprietorship: A sole proprietorship is a type of business owned and operated by one individual. It is the simplest and most common form of business structure.

Evaluate the first statement: 'A sole proprietorship is the easiest and least expensive form of business to establish.' This is true because it does not require complex legal filings or formalities to start.

Analyze the second statement: 'A sole proprietorship requires filing articles of incorporation with the state.' This is false because articles of incorporation are required for corporations, not sole proprietorships.

Examine the third statement: 'A sole proprietorship provides limited liability protection to its owner.' This is false because the owner of a sole proprietorship has unlimited personal liability for the debts and obligations of the business.

Review the fourth statement: 'A sole proprietorship must have at least two owners.' This is false because a sole proprietorship is owned and operated by a single individual.