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

Previous problemNext problem

Struggling with Financial Accounting?

Join thousands of students who trust us to help them ace their exams!Watch the first video

Multiple Choice

For a new business owner, which form of business organization offers the simplest structure and is easiest to set up?

Corporation

Limited liability company (LLC)

Sole proprietorship

Partnership

Previous problemNext problem

Verified step by step guidance

Understand the different forms of business organizations: Corporation, Limited Liability Company (LLC), Sole Proprietorship, and Partnership. Each has unique characteristics and implications for setup, taxation, and liability.

Learn about Sole Proprietorship: It is the simplest form of business organization, where the business is owned and operated by one individual. It requires minimal legal formalities and is easy to set up.

Compare Sole Proprietorship with other forms: Corporations and LLCs require more complex legal documentation, such as articles of incorporation or organization, and partnerships involve agreements between multiple individuals.

Consider the advantages of Sole Proprietorship: It offers complete control to the owner, straightforward tax reporting (income is reported on the owner's personal tax return), and minimal regulatory requirements.

Conclude that Sole Proprietorship is the easiest and simplest structure for a new business owner to set up, as it involves fewer legal and administrative hurdles compared to other forms of business organizations.