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 is true about the structure of a corporation?

Corporations cannot issue shares of stock to raise capital.

A corporation is managed directly by its shareholders.

A corporation is a separate legal entity from its owners.

Owners of a corporation have unlimited liability for the corporation's debts.

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Verified step by step guidance

Understand the concept of a corporation: A corporation is a separate legal entity created under state or federal law. It is distinct from its owners (shareholders) and has its own rights and responsibilities.

Analyze the statement 'Corporations cannot issue shares of stock to raise capital': This is incorrect because corporations commonly issue shares of stock to raise capital from investors.

Evaluate the statement 'A corporation is managed directly by its shareholders': This is incorrect because corporations are typically managed by a board of directors and executives, not directly by shareholders.

Examine the statement 'Owners of a corporation have unlimited liability for the corporation's debts': This is incorrect because shareholders of a corporation generally have limited liability, meaning they are not personally responsible for the corporation's debts beyond their investment in the company.

Confirm the statement 'A corporation is a separate legal entity from its owners': This is correct because a corporation operates independently of its shareholders, with its own legal identity.