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

Types of Accounting

Financial Accounting

1. Introduction to Accounting

Types of Accounting

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Multiple Choice

Which of the following is a group that forms to advance the financial status of its members?

Sole proprietorship

Corporation

Cooperative

Partnership

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Verified step by step guidance

Understand the concept of a cooperative: A cooperative is an organization formed by a group of individuals who come together voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.

Compare the cooperative with other business structures: Sole proprietorship, corporation, and partnership are different types of business entities, but they do not specifically focus on advancing the financial status of their members collectively. Instead, they focus on individual or shareholder profits.

Identify the key feature of a cooperative: The primary goal of a cooperative is to benefit its members financially and socially, often through shared resources, collective bargaining, or mutual support.

Recognize the distinction: Unlike corporations or partnerships, cooperatives operate on the principle of mutual benefit and are often structured to ensure that profits or benefits are distributed equitably among members.

Conclude the reasoning: Based on the definition and purpose of a cooperative, it is the correct answer to the question as it aligns with the goal of advancing the financial status of its members collectively.