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

Under the corporate form of business organization, which of the following is true?

Ownership is represented by shares of stock.

The business is typically managed directly by all owners.

Owners have unlimited liability for the corporation's debts.

The corporation dissolves automatically upon the death of a shareholder.

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Verified step by step guidance

Understand the corporate form of business organization: A corporation is a legal entity that is separate from its owners, providing limited liability protection to its shareholders.

Analyze the ownership structure: Ownership in a corporation is represented by shares of stock, which are issued to shareholders. This is a key characteristic of corporations.

Evaluate management structure: Corporations are typically managed by a board of directors and executives, not directly by all owners. Shareholders elect the board but do not manage day-to-day operations.

Consider liability: Shareholders in a corporation have limited liability, meaning they are not personally responsible for the corporation's debts beyond their investment in shares.

Examine continuity: Corporations do not dissolve automatically upon the death of a shareholder. Ownership of shares can be transferred, ensuring the corporation's continuity.