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 an accurate statement about the formation of partnerships?

A partnership can be formed through a verbal agreement between two or more parties.

A partnership must be registered with the Securities and Exchange Commission (SEC) to be legally valid.

Only corporations can form partnerships with each other.

Partnerships require a minimum of three partners to be established.

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Verified step by step guidance

Understand the concept of a partnership: A partnership is a business arrangement where two or more individuals agree to share ownership, profits, and liabilities of a business.

Review the legal requirements for forming a partnership: Partnerships can often be formed through verbal agreements, written agreements, or implied agreements based on the actions of the parties involved. Registration with the SEC is not typically required for general partnerships.

Clarify the number of partners required: A partnership can be formed with a minimum of two partners. There is no requirement for three or more partners.

Evaluate the possibility of corporations forming partnerships: Corporations can form partnerships with other entities, including individuals, other corporations, or partnerships, as long as the agreement aligns with legal and business regulations.

Identify the correct statement: Based on the above clarifications, the accurate statement is that a partnership can be formed through a verbal agreement between two or more parties.