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

Dylan owns a small grocery store by himself and is personally responsible for all the store's debts. Which type of business organization does Dylan most likely have?

Sole proprietorship

Limited liability company (LLC)

Partnership

Corporation

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Verified step by step guidance

Understand the characteristics of each type of business organization mentioned in the problem: Sole proprietorship, Limited liability company (LLC), Partnership, and Corporation.

Recognize that a sole proprietorship is a business owned and operated by one individual, where the owner is personally responsible for all debts and liabilities of the business.

Identify that a Limited Liability Company (LLC) provides limited liability protection to its owners, meaning the owners are not personally responsible for the company's debts.

Note that a Partnership involves two or more individuals sharing ownership, responsibilities, and liabilities of the business.

Understand that a Corporation is a separate legal entity from its owners, providing limited liability protection, and debts are not personally tied to the owners. Based on the description of Dylan's situation, the most likely business organization is a sole proprietorship.