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

Which of the following is NOT one of the three main forms of legal ownership of a business?

Corporation

Sole proprietorship

Franchise

Partnership

Previous problemNext problem

Verified step by step guidance

Understand the three main forms of legal ownership of a business: Corporation, Sole Proprietorship, and Partnership. These are the primary structures used to legally organize businesses.

Corporation: A corporation is a legal entity that is separate from its owners. It provides limited liability protection to its shareholders and is often used for larger businesses.

Sole Proprietorship: This is the simplest form of business ownership, where the business is owned and operated by one individual. The owner is personally liable for all debts and obligations of the business.

Partnership: A partnership involves two or more individuals who share ownership of a business. Partners share profits, losses, and responsibilities, and they may have unlimited liability depending on the type of partnership.

Franchise: A franchise is not a form of legal ownership but rather a business model where a franchisee operates under the brand and business system of a franchisor. It is distinct from the three main legal ownership forms listed above.