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

Which of the following tax classifications can potentially apply to Limited Liability Companies (LLCs) in the United States?

Sole proprietorship

C corporation

All of the above

Partnership

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Verified step by step guidance

Understand the concept of Limited Liability Companies (LLCs): LLCs are flexible business entities in the United States that combine the liability protection of corporations with the tax benefits of partnerships or sole proprietorships.

Learn about the tax classifications available for LLCs: LLCs can choose how they are taxed by filing the appropriate forms with the IRS. The options include sole proprietorship (for single-member LLCs), partnership (for multi-member LLCs), or corporation (either C corporation or S corporation).

Recognize the default tax classification: By default, single-member LLCs are taxed as sole proprietorships, and multi-member LLCs are taxed as partnerships unless they elect to be taxed as corporations.

Understand the election process: LLCs can file IRS Form 8832 to elect to be taxed as a C corporation or S corporation. This flexibility allows LLCs to choose the tax structure that best suits their business needs.

Conclude that all listed classifications can apply: Based on the flexibility of LLCs in the U.S., they can potentially be taxed as sole proprietorships, partnerships, or C corporations, depending on their structure and election.