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

The first step in the process of organizing a business is to:

Hire employees

Apply for business licenses and permits

Open a business bank account

Identify and select the type of business entity

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Verified step by step guidance

Understand the importance of selecting the type of business entity, as it determines the legal structure, tax obligations, and operational framework of the business.

Research the different types of business entities available, such as sole proprietorship, partnership, corporation, and limited liability company (LLC), to understand their characteristics and implications.

Evaluate the specific needs and goals of the business, including factors like liability protection, tax treatment, and management structure, to determine the most suitable entity type.

Consult with legal and financial professionals, if necessary, to ensure compliance with local laws and regulations and to make an informed decision about the business entity.

Finalize the decision by officially registering the chosen business entity with the appropriate government authorities, ensuring all required documentation is completed.