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

Which type of business organization is owned and managed by a single individual?

Corporation

Partnership

Sole proprietorship

Limited liability company (LLC)

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Understand the different types of business organizations: Corporation, Partnership, Sole Proprietorship, and Limited Liability Company (LLC). Each has unique characteristics regarding ownership, management, and liability.

A Corporation is owned by shareholders and managed by a board of directors. It is a separate legal entity, meaning the owners have limited liability.

A Partnership involves two or more individuals who share ownership and management responsibilities. Partners are typically personally liable for the business's debts.

A Sole Proprietorship is owned and managed by a single individual. This type of business organization is simple to set up, and the owner has full control over the business. However, the owner is personally liable for all debts and obligations.

A Limited Liability Company (LLC) combines elements of partnerships and corporations. It offers limited liability to its owners while allowing flexibility in management. Based on the question, the correct answer is Sole Proprietorship, as it is owned and managed by a single individual.