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

Limited partners benefit from which of the following primary advantages?

Unlimited liability for business obligations

Limited liability for partnership debts

Obligation to actively participate in daily operations

Full control over management decisions

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Verified step by step guidance

Understand the concept of a limited partnership: A limited partnership consists of general partners and limited partners. General partners manage the business and have unlimited liability, while limited partners contribute capital but have limited liability.

Clarify the term 'limited liability': Limited liability means that the limited partners are only responsible for the debts of the partnership up to the amount they have invested. Their personal assets are protected from business obligations.

Analyze the options provided: The first option, 'Unlimited liability for business obligations,' applies to general partners, not limited partners. The third option, 'Obligation to actively participate in daily operations,' is also incorrect because limited partners are not required to manage the business.

Focus on the correct answer: Limited partners benefit from 'Limited liability for partnership debts,' which is the primary advantage of being a limited partner.

Understand the implications: Limited liability allows limited partners to invest in the partnership without risking their personal assets, making it an attractive option for passive investors.