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 a disadvantage of business ownership?

Potential for unlimited personal liability

Ability to make independent decisions

Long working hours and responsibility

Risk of business failure

Previous problemNext problem

Verified step by step guidance

Understand the context of the question: The problem is asking to identify which option is NOT a disadvantage of business ownership. This requires analyzing each option to determine whether it is a disadvantage or not.

Review the concept of business ownership disadvantages: Common disadvantages include unlimited personal liability, long working hours, responsibility, and risk of business failure. These are challenges that business owners often face.

Analyze the first option: 'Potential for unlimited personal liability' is a disadvantage because business owners may be held personally responsible for debts and obligations of the business.

Analyze the second option: 'Ability to make independent decisions' is NOT a disadvantage. In fact, it is an advantage of business ownership, as it allows owners to have control and autonomy over their business operations.

Analyze the remaining options: 'Long working hours and responsibility' and 'Risk of business failure' are both disadvantages of business ownership, as they involve significant time commitment and financial risk. Therefore, the correct answer is the second option.