Table of contents

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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

Two doctors who join forces in business typically form a:

Sole proprietorship

Partnership

Corporation

Limited liability company (LLC)

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Understand the nature of the business structure: A sole proprietorship is owned and operated by one individual, which does not apply to two doctors joining forces.

Recognize that a partnership is a business structure where two or more individuals share ownership, responsibilities, and profits, making it a suitable option for two doctors collaborating.

Consider the characteristics of a corporation: It is a separate legal entity owned by shareholders, which is less common for small professional collaborations like two doctors joining forces.

Evaluate the limited liability company (LLC): This structure provides limited liability protection and flexibility but is not the most typical choice for professional partnerships like doctors.

Conclude that the most appropriate business structure for two doctors joining forces is a partnership, as it aligns with shared ownership and responsibilities.