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 of the following is an advantage of a partnership but not of a sole proprietorship?

Complete control by a single owner

Limited liability for all owners

Ability to pool resources and expertise from multiple owners

Simpler tax reporting requirements

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Verified step by step guidance

Understand the key characteristics of a sole proprietorship: It is owned and operated by a single individual, offering complete control but limiting the ability to pool resources and expertise.

Understand the key characteristics of a partnership: It involves two or more owners who can pool their resources and expertise, which is an advantage over a sole proprietorship.

Compare the liability aspect: Sole proprietorships and partnerships both generally have unlimited liability unless the partnership is structured as a limited liability partnership (LLP).

Analyze tax reporting requirements: Sole proprietorships and partnerships both have relatively simple tax reporting compared to corporations, but this is not the distinguishing advantage in this case.

Conclude that the ability to pool resources and expertise from multiple owners is the unique advantage of a partnership compared to a sole proprietorship.