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 advantage that partnerships have over sole proprietorships?

Easier transfer of ownership than corporations

Pooled knowledge and resources

Double taxation of profits

Limited liability for all owners

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Verified step by step guidance

Step 1: Understand the question by identifying the key focus, which is to determine the advantage partnerships have over sole proprietorships.

Step 2: Review the characteristics of partnerships. Partnerships involve two or more individuals who share ownership, responsibilities, and decision-making. This structure allows for pooling of knowledge and resources, which is a key advantage.

Step 3: Compare partnerships to sole proprietorships. Sole proprietorships are owned and operated by a single individual, which limits the ability to pool resources and knowledge. Partnerships, on the other hand, benefit from the combined expertise and assets of multiple owners.

Step 4: Eliminate incorrect options. For example, 'Double taxation of profits' applies to corporations, not partnerships. 'Limited liability for all owners' is incorrect because partnerships typically have unlimited liability unless structured as a limited partnership.

Step 5: Confirm the correct answer, which is 'Pooled knowledge and resources,' as this is a distinct advantage partnerships have over sole proprietorships.