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

How does a general partnership differ from a limited partnership?

In a general partnership, profits are taxed at the corporate level, while in a limited partnership, profits are taxed only at the individual level.

In a general partnership, all partners have unlimited liability, whereas in a limited partnership, at least one partner has limited liability.

In a general partnership, there must be at least one limited partner, while in a limited partnership, all partners must be general partners.

In a general partnership, all partners can participate in management, while in a limited partnership, limited partners typically do not participate in management.

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Verified step by step guidance

Understand the concept of a general partnership: In a general partnership, all partners share equal responsibility for the business's debts and obligations, meaning they have unlimited liability. Additionally, all partners can actively participate in the management of the business.

Understand the concept of a limited partnership: In a limited partnership, there are two types of partners—general partners and limited partners. General partners have unlimited liability and manage the business, while limited partners have limited liability and typically do not participate in management.

Compare the liability differences: In a general partnership, all partners have unlimited liability for the business's debts. In a limited partnership, at least one partner (the general partner) has unlimited liability, while the limited partners have liability restricted to their investment in the partnership.

Compare the management differences: In a general partnership, all partners can participate in the management of the business. In a limited partnership, limited partners usually do not participate in management, leaving the general partners to handle operational decisions.

Summarize the key distinctions: The primary differences between a general partnership and a limited partnership are the liability structure (unlimited vs. limited) and the management roles (all partners vs. general partners only).